WASHINGTON — US 2015 corn production was estimated at 13,654 million bushels, up 99 million bushels, or less than 1 percent, from 13,555 million bushels forecast in October but down 4 percent from a record 14,216 million bushels in 2014, the US Dept. of Agriculture said in its Nov. 10 Crop Production report. Soybean production was estimated at a record 3,981 million bushels, up 93 million bushels, or 2 percent, from 3,888 million bushels forecast in October and up 1 percent from 3,927 million bushels last year, which was the previous record.
The USDA corn number was above the average pre-report trade estimate of 13,556 million bushels. The soybean number also was above the pre-report average of about 3,912 million bushels.
Corn and soybean futures traded lower after the report was released.
Based on Nov. 1 conditions, corn yield was estimated at 169.3 bushels an acre, up 1.3 bushels from 168 bushels forecast in October but down 1.7 bushels from 171 bushels an acre in 2014, the USDA said. Harvested area was estimated at 80,664,000 acres, unchanged from October but down 3 percent from 2014.
Soybean yield was estimated at 48.3 bushels an acre, up 1.1 bushels from 47.2 bushels forecast in October and up 0.8 bushel from 47.5 bushels an acre in 2014. Harvested area was estimated at 82,429,000 acres, unchanged from October but down slightly from last year.
The USDA corn yield number was above the average trade forecast of 168 bushels an acre, and the soybean yield number also was above the trade average estimate of 47.5 bushels an acre.
The corn crop in the 18 major corn states was 93 percent harvested as of Nov. 8, ahead of 78 percent a year ago and 88 percent as the 2010-14 average for the date, the USDA said in its latest Crop Progress report. Soybeans were 95 percent harvested in the 18 major soybean states, ahead of 89 percent last year and 93 percent as the five-year average.