Soybean production was forecast at a record 4,425 million bushels, down just 6 million bushels from 4,431 million bushels in October but up 129 million bushels, or 3 percent, from 4,296 million bushels last year.
Based on Nov. 1 conditions, average corn yield in 2017 was forecast at a record 175.4 bushels an acre, up 3.6 bushels from October and up 0.8 bushels from 174.6 bushels an acre in 2016, the previous record. Harvested area of corn was forecast at 83.1 million acres, unchanged from October and down 4 percent from last year. If realized, corn production will be the second highest on record.
The USDA production and yield estimates all were above average trade expectations of 14,323 million bushels and 172.3 bushels an acre for corn and 4,404 million bushels and 49.2 bushels an acre for soybeans, respectively.
Corn and soybean futures traded moderately lower after the report.