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