WASHINGTON — U.S. 2015 corn production was forecast at 13,585 million bus, down 101 million bus from 13,686 million bus forecast in August and down 4% from 14,216 million bus in 2014, the U.S. Department of Agriculture said in its Sept. 11 Crop Production report. Soybean production was forecast at 3,935 million bus, up 19 million bus from 3,916 million bus forecast in August but down 1% from 3,969 million bus last year.
The U.S.D.A. corn number was above the average pre-report trade estimate of 13,493 million bus. The soybean number also was above the pre-report average of about 3,838 million bus.
Corn futures traded slightly higher after the report while soybean futures declined.
Based on Sept. 1 conditions, corn yield was forecast at 167.5 bus an acre, down from 168.8 bus forecast in August and 171 bus an acre in 2014, the U.S.D.A. said. Harvested area was forecast at 81,101,000 acres, unchanged from August but down 2% from 2014.
Soybean yield was forecast at 47.1 bus an acre, up from 46.9 bus forecast in August but down from 47.8 bus an acre in 2014. Harvested area was forecast at a record 83,549,000 acres, unchanged from August and up less than 1% from 2014.
The U.S.D.A. corn yield number was above the average trade forecast of 166.6 bus an acre, and the soybean number also was above the trade average estimate of 46 bus an acre.Wheat production estimates will be released in the U.S.D.A.’s Sept. 30 Small Grains 2015 Summary.