U.S. corn, soybean crops up from October

by Ron Sterk
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U.S. corn production chart
U.S. corn production

WASHINGTON — U.S. 2015 corn production was estimated at 13,654 million bus, up 99 million bus, or less than 1%, from 13,555 million bus forecast in October but down 4% from a record 14,216 million bus in 2014, the U.S. Department of Agriculture said in its Nov. 10 Crop Production report. Soybean production was estimated at a record 3,981 million bus, up 93 million bus, or 2%, from 3,888 million bus forecast in October and up 1% from 3,927 million bus last year, which was the previous record.

The U.S.D.A. corn number was above the average pre-report trade estimate of 13,556 million bus. The soybean number also was above the pre-report average of about 3,912 million bus.

Corn and soybean futures traded lower after the report was released.

Based on Nov. 1 conditions, corn yield was estimated at 169.3 bus an acre, up 1.3 bus from 168 bus forecast in October but down 1.7 bus from 171 bus an acre in 2014, the U.S.D.A. said. Harvested area was estimated at 80,664,000 acres, unchanged from October but down 3% from 2014.

U.S. Soybean production chart
U.S. soybean production

Soybean yield was estimated at 48.3 bus an acre, up 1.1 bus from 47.2 bus forecast in October and up 0.8 bu from 47.5 bus an acre in 2014. Harvested area was estimated at 82,429,000 acres, unchanged from October but down slightly from last year.

The U.S.D.A. corn yield number was above the average trade forecast of 168 bus an acre, and the soybean yield number also was above the trade average estimate of 47.5 bus an acre.

The corn crop in the 18 major corn states was 93% harvested as of Nov. 8, ahead of 78% a year ago and 88% as the 2010-14 average for the date, the U.S.D.A. said in its latest Crop Progress report. Soybeans were 95% harvested in the 18 major soybean states, ahead of 89% last year and 93% as the five-year average.
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