A private firm forecast of the nation’s crops greatly differs from Department of Agriculture data released this week. That’s true for many expectations, but the data from USDA still sparked a negative market reaction for corn futures. Generated by Indigo Ag’s living map, Atlas, forecasts for both corn and soybeans are down from the company’s July report.
Corn production is forecasted at 12 billion bushels and soy production is forecasted at 3.7 billion bushels, down 3.2 percent and 12.6 percent, respectively. USDA predicts corn production at 13.9 billion bushels, and soybeans at 3.68 billion. Over the past month, favorable weather conditions – including hot weather and adequate rainfall – have aided crop health across the United States.
Given the late start to the season, however, crop development is still significantly delayed. That development will be monitored over the next month. Indigo Atlas combines remote sensing equipment, weather and historical data to deliver models that assess crop health and production at the field, county, state and national level.