WASHINGTON – The US Dept. of Agriculture in its Nov. 8 Crop Production report forecast 2019 US production of corn at 13,661 million bushels, down 0.9 percent from the October forecast and down 5 percent from 2018. Soybean production was forecast at 3,550 million bushels, down 304,000 bushels from October and down 20 percent from last year.
Average corn yield, based on Nov. 1 conditions, was forecast at 167 bushels an acre, down 1.4 bushels from October and down 9.4 bushels from 2018. Corn harvested area was forecast at 81,815,000 acres, unchanged from October but up slightly from 2018.
The average soybean yield was forecast at 46.9 bushels an acre, unchanged from October but down 3.7 bushels from last year. Harvested area was forecast at 75,626,000 acres, unchanged from October 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 4,428 million bushels in 2018.
The USDA corn production and soybean yield and production forecasts all were above the average of pre-report trade expectations while the corn yield forecast was below the average. The trade had expected the USDA to lower harvested area for both corn and soybeans, but those numbers were left unchanged.
Nearby Chicago corn futures were modestly higher while soybean futures were lower after the 11:00 a.m. Central time release of the report.