USDA: Corn production up, soybean down slightly from September

by Ron Sterk
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WASHINGTON — The US Dept. of Agriculture in its Oct. 12 Crop Production report estimated 2017 US production of corn at 14,280 million bushels, up 96 million bushels, or 1 percent, from 14,184 million bushels forecast in September but down 868 million bushels, or 6 percent, from record outturn of 15,148 million bushels in 2016.

Soybean production was estimated at a record 4,431 million bushels, down 422,000 bushels from September but up 135 million bushels, or 3 percent, from 4,296 million bushels last year.

Based on Oct. 1 conditions, average corn yield in 2017 was forecast at 171.8 bushels an acre, up 1.9 bushels from September but down 2.8 bushels from 174.6 bushels an acre in 2016. Harvested area of corn was forecast at 83.1 million acres, down 400,000 acres from September and down 4 percent from last year. If realized, corn yield and production will be the second highest on record after 2016.

The average soybean yield was forecast at 49.5 bushels an acre based on Oct. 1 conditions, down 0.4 bushel from September and down 2.5 bushels from 2016. Harvested area was forecast at a record 89.5 million acres, up 1 percent from September and up 8 percent from 2016.

The USDA corn production and yield forecasts were above the average of trade expectations of 14,168 million bushels and 169.7 bushels an acre, respectively, while the USDA soybean forecasts were below trade averages of 4,439 million bushels and 49.8 bushels an acre, respectively.

Corn futures traded about $0.03 a bushel higher after the report while soybean futures jumped about $0.26 a bushel.

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