Published: Wed, September 13, 2017
Markets | By Noel Gibbs

United States corn, soybean production up slightly from August

United States corn, soybean production up slightly from August

Soybean acreage increased from 1.9 million to 2.1 million acres, but overall production is still projected to drop from 107 million bushels to 102 million.

The US Department of Agriculture (USDA) Tuesday released its monthly report on domestic and world agricultural supply and demand.

About 5% of the US corn crop was harvested as of Sunday, just behind the prior five-year average of 6%, according to the Department of Agriculture.

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The harvest outlooks, issued in the government's closely watched Crop Production report, topped market forecasts for the second straight month.

"Tuesday's crop report data was collected well before Irma and was either finished before Harvey hit Texas or the data collection was impacted by Harvey, so the numbers being forecast are subject to change", he explained.

Farmers also will harvest a record 4.431 billion bushels of soybeans, USDA said, based on an average yield of 49.9 bushels per acre. Harvested area of corn was forecast at 83.5 million acres, unchanged from August but down 4% from past year.

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Corn and soybean futures traded lower after the report. Corn maturity was 4 percent, compared with 17 percent a year ago and a 21-percent average.

The average yield for corn is forecast at 145 bushels per acre, down 16 bushels from past year.

Traders and analysts are looking for the USDA to lower its estimate for both the corn and soybean crops in today's report.

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For soybeans, the USA ending stocks are now estimated at 475 million bushels, compared with the average analysts' estimate of 442 million bushels. Other industrial use is lowered 50 million bushels.

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