U.S. farmers could harvest their second-largest soybean crop and the number three corn crop under the revised planting projections released by USDA at its Outlook Forum.
When the projected plantings are combined with USDA's projected abandonment rates and yields for this year, they suggest a corn crop of 13.6 billion bushels, a soybean crop of 3.8 billion bushels, and a wheat crop of 2.15 billion bushels. The soybean crop would be the second-largest on record, coming on the heels of the record-setter, while corn would trail the 2014 record and the 2013 crop of 13.829 billion bushels.
By comparison, USDA's agricultural baseline, based on conditions in late 2014, projects a corn crop of 13.445 billion bushels this year, along with 3.820 bushels of soybeans and 2.155 million bushels of wheat.
USDA now sees corn plantings 1 million acres larger than it projected last fall, soybean seedings 500,000 acres smaller than originally projected, and wheat 500,000 acres smaller.
The record corn and soybean crops were harvested last year: 14.216 billion bushels of corn and 3.969 billion bushels of soybeans.
