With the help of data and technology, we have information at the touch of a button to help us plan for the future. Barchart, a provider of data and technology services, announced their July cmdty Yield Forecast for end of season yield at 173.8 bu/ac for corn and 48.8 bu/ac for soybeans in the U.S. This represents an increase in forecasted corn yield relative to the June 2nd report, which forecasted end of season yield for corn 172.4 bu/ac. The forecast for U.S. soybean yield remains at 48.8 bu/ac.
Released for free to the public on the first Tuesday of each month during the growing season, and available to clients through daily updates, the cmdty Yield Forecast Index series allows users to get insights to guide their business decisions ahead of the USDA’s WASDE report.
“Our forecasts have remained in a tight range throughout the start of the growing season as weather conditions have been relatively stable,” noted Barchart’s Head of Strategy, Keith Petersen. “We continue to be slightly below the most recently released USDA yield estimates, suggesting that while a revision to the upside from the USDA is possible, it’s not likely based on what we’re seeing geospatially.”
“It’s important to keep in mind that some major grain production states are seeing downward revisions in our forecasts, so while the national aggregate may be rising, conditions aren’t uniform throughout the country,” added Petersen. “Subscribers to our free yield forecast report get access to state-level data twice monthly, and our cmdtyView Pro users receive daily updates down to the county-level.”
Barchart’s cmdty Yield Forecast Indexes, which correctly predicted 2019 USDA soybean yield figures three months in advance, are calculated using the latest geospatial and remote sensing technology, and provide users with daily insights on over 3,000 individual growing areas in the U.S. The power of this data combined with insights from cmdty’s recently released whitepaper describing how yield forecasts can be used to anticipate USDA estimate revisions, empowers users to improve their crop marketing and underwriting strategies.