WASHINGTON — U.S. 2016 corn production was forecast at 15,057 million bus, down 36 million bus from 15,093 million bus forecast in September but up 11% from 13,601 million bus in 2015, the U.S. Department of Agriculture said in its Oct. 12 Crop Production report. Soybean production was forecast at 4,269 million bus, up 2% from 4,201 million bus forecast in September and up 9% from 3,926 million bus last year.
Based on Oct. 1 conditions, corn yield was forecast at 173.4 bus an acre, down 1 bus from the September forecast but up 5 bus from 168.4 bus an acre in 2015, the U.S.D.A. said. Soybean yield was forecast at 51.4 bus an acre, up 0.8 bus from September and up 3.4 bus from 48 bus an acre in 2015.
If realized, 2016 yield and production would be record high for both corn and soybeans, the U.S.D.A. said.
The U.S.D.A. corn production forecast was above the pre-report trade average of 15,040 million bus and yield was identical to the trade average of 173.4 bus an acre. The U.S.D.A. soybean production number was below the pre-report average of 4,277 million bus and the yield number was identical to the trade yield average of 51.4 bus an acre.
Corn and soy complex futures traded higher immediately after the U.S.D.A. reports were released.