WASHINGTON – The US Dept. of Agriculture (USDA) in its Sept. 12 Crop Production report forecast 2019 US production of corn at 13,799 million bushels, down 101,500,000 bushels, or 0.7 percent, from the August forecast and down 4.3 percent from 2018. Soybean production was forecast at 3,633 million bushels, down 47,566,000 bushels, or 1.1 percent, from August and down 20 percent from 2018.
Average corn yield, based on Sept. 1 conditions, was forecast at 168.2 bushels an acre, down 1.3 bushels, or 0.8 percent, from August and down 8.2 bushels, or 4.7 percent, from 176.4 bushels per acre in 2018. Corn harvested area was forecast at 82 million acres, unchanged from August and up slightly from 2018.
The average soybean yield was forecast at 47.9 bushels an acre, down 0.6 bushel, or 1.2 percent, from August and down 3.7 bushels, or 7 percent, from 51.6 bushels per acre last year. Harvested area was forecast at 75.9 million acres, unchanged from August but down 14 percent from 2018.
If realized, corn production would be the lowest since 13,602 million bushels in 2015. Record high production of 15,148 million bushels was harvested in 2016. Soybean production would be the lowest since 3,357 million bushels in 2013 with record high outturn of 4,544 million bushels in 2018.
The USDA corn and soybean production and yield forecasts all were above the average of trade expectations but were within the full range of trade forecasts.
Chicago corn futures were up about $0.05 a bushel and soybean futures were sharply higher, up $0.20 per bushel or more, immediately after the 11:00 a.m. Central time release of the USDA data.
Wheat production estimates are not updated in the September crop report and will next be revised in the USDA’s Sept. 30 Small Grains Summary.