Record Nebraska soybean harvest forecast, corn down 2 percent

Chart U.S. soybean production

Chart U.S. soybean production

The US Dept. of Agriculture in its November 9 Crop Production report forecast 2017 US production of corn at 14,578 million bushels, up 298 million bushels, or 2 percent, from 14,280 million bushels forecast in October but down 570 million bushels, or 4 percent, from record outturn of 15,148 million bushels in 2016. The yield will also be down from 2016 at 46 bushels per acre.

Wheat, corn and soy U.S. cents/bushel.

The USDA forecast soybean carryover on September 1, 2018, at 425 million bus.

USDA surprised many with the crop production forecast out this month estimating a two percent increase from last month for corn.

The world is nevertheless still well supplied with wheat.

The U.S. Department of Agriculture has increased its prediction for this harvest season.

Iowa's soybean production is forecast at 557 million bushels, with a yield of 56 bushels per acre. The agency's revised global stock forecasts for 2017-18 of 267.53 million metric tons were a record.

Today's USDA forecast stems from a recalculation of the average yield.

"The idea is that if corn yields can be so high, the USDA might increase soybean yields in its next report".

The U.S.D.A. 2018 wheat carryover forecast was below the pre-report trade average expectation of 956 million bus, the soybean carryover was slightly above the trade average of 420 million bus and the U.S.D.A. corn carryover was well above the trade average of 2,360 million bus.

The National Agricultural Statistics Service's monthly Crop Production report said soybean output is forecast at 98.4 million bushels, down 8.8 million from past year.

Recommended News

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.