USDA lowers corn crop estimate from September

by Laura Lloyd
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WASHINGTON — US 2016 corn production was forecast at 15,057 million bushels, down 36 million bushels from 15,093 million bushels forecast in September but up 11 percent from 13,601 million bushels in 2015, the US Dept. of Agriculture said in its Oct. 12 Crop Production report. Soybean production was forecast at 4,269 million bushels, up 2 percent from 4,201 million bushels forecast in September and up 9 percent from 3,926 million bushels last year.

Based on Oct. 1 conditions, corn yield was forecast at 173.4 bushels an acre, down 1 bushels from the September forecast but up 5  bushels from 168.4 bushels an acre in 2015, the USDA said. Soybean yield was forecast at 51.4 bushels an acre, up 0.8 bushels from September and up 3.4 bushels from 48 bushels an acre in 2015.

If realized, 2016 yield and production would be record high for both corn and soybeans, the USDA said.

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The USDA corn production forecast was above the pre-report trade average of 15,040 million bushels and yield was identical to the trade average of 173.4 bushels an acre. The USDA soybean production number was below the pre-report average of 4,277 million bushels and the yield number was identical to the trade yield average of 51.4 bushels an acre.

Corn and soy complex futures traded higher immediately yesterday after the USDA reports were released.

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