WASHINGTON — The U.S. Department of Agriculture in its Nov. 9 Crop Production report forecast 2017 U.S. production of corn at 14,578 million bus, up 298 million bus, or 2%, from 14,280 million bus forecast in October but down 570 million bus, or 4%, from record outturn of 15,148 million bus in 2016. Soybean production was forecast at a record 4,425 million bus, down just 6 million bus from 4,431 million bus in October but up 129 million bus, or 3%, from 4,296 million bus last year.
Based on Nov. 1 conditions, average corn yield in 2017 was forecast at a record 175.4 bus an acre, up 3.6 bus from October and up 0.8 bus from 174.6 bus an acre in 2016, the previous record. Harvested area of corn was forecast at 83.1 million acres, unchanged from October and down 4% from last year. If realized, corn production will be the second highest on record.
The average soybean yield was forecast at 49.5 bus an acre based on Nov. 1 conditions, unchanged from October and down 2.5 bus from 2016. Harvested area was forecast at a record 89.5 million acres, unchanged from October and up 8% from 2016.
The U.S.D.A. production and yield estimates all were above average trade expectations of 14,323 million bus and 172.3 bus an acre for corn and 4,404 million bus and 49.2 bus an acre for soybeans, respectively.Corn and soybean futures traded moderately lower after the report.