WASHINGTON — U.S. 2016 corn production was estimated at a record 15,148 million bus, down 78 million bus, or 1%, from 15,226 million bus in November but up 11% from 13,602 million bus in 2015, the U.S. Department of Agriculture said in its annual Crop Production 2016 Summary on Jan. 12. Soybean production was estimated at 4,307 million bus, down 54 million bus, or 1%, from 4,361 million bus in November, but up 10% from 3,926 million bus in 2015 and also the highest on record.
The U.S.D.A. corn production number was below the average of pre-report trade estimates that was near 15,198 million bus, and the number for soybeans also was below the trade average that was near 4,380 million bus.
Corn futures were lower, and soybean futures were higher following the crop production report, with prices also affected by U.S.D.A. quarterly Grain Stocks and World Agricultural Supply and Demand Estimates reports.
Average corn yield was estimated at a record 174.6 bus an acre, down 0.7 bus from 175.3 bus in November but up 6.2 bus from 168.4 bus an acre as the final 2015 average yield. Harvested area was estimated at 86,748,000 acres, down slightly from 86,836,000 acres in November but up 7% from 80,749,000 acres in 2015.
Soybean yield was estimated at a record 52.1 bus an acre, down 0.4 bus from 52.5 bus in November but up 4.1 bus from 48 bus an acre in 2015. Harvested area was estimated at a record 82,736,000 acres, down from 83,047,000 acres in November but up 1% from 81,732,000 acres in 2015.
The U.S.D.A. yield number for corn was below the average trade forecast of 175.3 bus an acre and also below the average trade estimate for soybeans of 52.7 bus.There were no revisions to 2016 wheat production numbers from the Sept. 30 Small Grains 2016 Summary.