WASHINGTON — The U.S. Department of Agriculture in its Sept. 12 Crop Production report forecast 2017 U.S. production of corn at 14,184 million bus, up 31.5 million bus from the August forecast but down 6% from last year. Soybean production was forecast at 4,431 million bus, up 1% from August and up 3% from 2016.
In a special note, the U.S.D.A. said changes to harvested area in states impacted by Hurricanes Harvey and Irma were not fully reflected in the September Crop Report because of when data were collected. The October Crop Production report will reflect those changes.
Based on Sept. 1 conditions, average corn yield in 2017 was forecast at 169.9 bus an acre, up 0.4 bu from August, down 4.7 bus from 2016 and the third highest on record. Harvested area of corn was forecast at 83.5 million acres, unchanged from August but down 4% from last year.
The average soybean yield was forecast at 49.9 bus an acre based on Sept. 1 conditions, up 0.5 bu from August but down 2.2 bus from 2016. Harvested area was forecast at a record 88.7 million acres, unchanged from August but up 7% from 2016.
If realized, soybean production would be record high, topping the previous record of 4,307 million bus in 2016. Corn production would be the third highest on record after last year’s record of 15,148 million bus and 14,216 million bus in 2014.
The U.S.D.A. corn production and yield forecasts were above the average of trade expectations of 14,000 million bus and 167.8 bus an acre, respectively, and were above all individual pre-report trade forecasts except one. The U.S.D.A. soybean production and yield forecasts were above all trade expectations, which averaged 4,321 million bus and 48.7 bus an acre, respectively.
Corn and soybean futures traded lower after the report.
