USDA Modifies 2017 Corn, Soybean Production Forecast

USDA Modifies 2017 Corn, Soybean Production Forecast

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. Harvested area of corn was forecast at 83.5 million acres, unchanged from August but down 4% from previous year.

The state experienced record-setting corn and soybean yields in 2016.

Ending stocks for the 2016-2017 marketing year that ended on Aug. 31 likely will be pegged at 2.34 billion bushels, barely lower than the August forecast for 2.37 billion, the analysts said. Additionally, due to Hurricane Irma, USDA will collect harvested acreage data for impacted states ahead of its October Crop Production report.

November Soybean fell 9.5 cents, or 0.99%, to 9.505 bu.

The average yield for corn is forecast at 145 bushels per acre, down 16 bushels from previous year. Harvested area was forecast at a record 88.7 million acres, unchanged from August but up 7% from 2016.

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"What would have been a phenomenal year for corn ten years ago now seems average. And, corn condition ratings this year are below last year", Matli said.

The USDA corn production and yield forecasts were above the average of trade expectations of 14 billion bushels and 167.8 bushels an acre, respectively, and were above all individual pre-report trade forecasts except one.

Soybean yield in IN is forecast at 56 bushels per acre, down 1.5 bushels from last year's record high yield, but up 1 bushel from last month.

Sorghum for grain production in South Dakota also is forecast to decline from last year's harvest. The new Wheat forecast pushed its futures higher, prompting a 1.69% increase.

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