FAPRI Released August Baseline Report

The University of Missouri’s Food and Agricultural Policy Research Institute's latest baseline report reflects corn losses stemming from the derecho (Deh-RAY-cho) in Iowa earlier this month. FAPRI released its August baseline report Wednesday. According to the report, corn-planted area in 2020 is projected to be 92.0 million acres, a sharp decline from March intended acres. A modest downward adjustment in Iowa corn yields, given the derecho event, pushes the production estimate 203 million bushels lower than USDA's estimate to 15.075 billion, a record production volume. Carryout stocks sharply increase, and corn farm prices are expected to fall to $3.24 per bushel. Meanwhile, projected soybean-planted area rose to 83.8 million acres in 2020/21, up sharply from last year. Soybean stocks hold steady in 2020/21 as a strong growth in exports is offset by a rebound in production, in part, on above-trend yields. Farm prices for soybeans hit a recent low of $8.24 for 2020/21.