USDA Raises Corn and Soybean Production Forecast

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On September 12, the USDA released its 2017 crop production forecast for corn and soybeans.

Corn production is forecast at 14.2 billion bushels, up 32 million bushels from the August report but down 6 percent from 2016. Based on conditions as of September 1, yields are expected to average 169.9 bushels per acre, up 0.4 bushel from the August forecast but down 4.7 bushels from 2016. Grain acres are forecast at 83.3 million acres, down 4 percent from 2016.

If realized, this would be the third highest yield and production on record for the United States. The largest U.S. corn crop (15.1 billion bushels)  and highest average yield (174.6 bushels per acre) were both produced in 2016.

Area harvested for grain is forecast at 83.5 million acres, unchanged from the August forecast but down 4 percent from 2016.

Soybean production is forecast at a record 4.43 billion bushels, up 3 percent from 2016. Based on September 1 conditions, yields are expected to average 49.9 bushels per acre, down 2.2 bushels from last year’s 52.1 record yield. Harvest acres in the United States is forecast at a record high 88.7 million acres, up 7 percent from 2016.

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