USDA made slight changes to its October crop production forecasts, but as expected, it still predicts record soybean and near-record corn crops. USDA Chief Economist Seth Meyer said the October crop forecasts, after adjustments, had no surprises.
As for the soybean forecast, Meyer said the yields are still the largest ever.
But how accurate are the USDA forecasts? Lance Honig with NASS said the corn numbers are usually close to the mark.
The accuracy range for soybeans is similar, and there’s not much time left to impact the crop this growing season. For more information, visit usda.gov.
