US corn carryover projected down 10%

by Ron Sterk
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WASHINGTON – US corn carryover on Sept. 1, 2016, was projected at 1,599 million bushels, down 10 percent from 1.771 billion bushels as the June forecast and compared with 1.779 billion bushels forecast for Sept. 1, 2015, the US Department of Agriculture said in its July 10 Crop Production report.

The USDA 2016 corn carryover number was above the trade average of 1.508 billion bushels. The USDA projected 2015 corn production at 13.530 billion bushels, down 100 million bushels from its June projection based on harvested area of 81.1 million acres, down 600,000 acres from June, and average yield of 166.8 bushels an acre, unchanged from June.

US soybean carryover on Sept. 1, 2016, was projected at 425 million bushels, down 11 percent from 475 million bushels as the June forecast and compared with 255 million bushels forecast for Sept. 1, 2015. The USDA 2016 soybean carryover number was above the trade average of 378 million bushels. Soybean production in 2015 was projected at 3.885 billion bushels, up 35 million bushels from the June projection based on harvested area of 84.4 million acres, up 700,000 acres from June, and average yield of 46 bushels an acre, unchanged from June.

Corn and soybean futures prices were trading modestly higher after the reports were released at 11:00 am Central time.
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