WASHINGTON — The US Dept. of Agriculture in its Aug. 12 Crop Production report forecast 2016 US corn production at a record 15,153 million bushels, up 11 percent from 13,601 million bushels in 2015 and compared with trade expectations that averaged 14.8 billion bushels. Average corn yield was forecast at a record 175.1 bushels an acre, up from 168.4 bushels in 2015.
Soybean production was forecast at a record 4,060 million bushels, up 3 percent from 3,929 million bushels in 2015 and compared with the average of trade expectations at 3.9 billion bushels. Average soybean yield was forecast at 48.9 bushels an acre, up from 48 bushels in 2015.
Also, USDA’s World Agricultural Supply and Demand Estimates report projected US corn carryover on Sept. 1, 2017, was projected at 2,409 million bushels, up 16 percent from July and up 41 percent from 1,706 million bushels forecast for 2016.
Soybean carryover on Sept. 1, 2017, was projected at 330 million bushels, up 14 percent from the July projection and up 29 percent from 255 million bushels forecast as the 2016 carryover.
The 2017 USDA numbers compared with average pre-report trade expectations of 2,287 million bushels for corn and 323 million bushels for soybeans. Corn and soybean futures were lower after the report.