USDA forecasts record corn, soybean production

Corn production is forecast at 15.2 billion bushels, up 11 percent from last year. Based on conditions as of August 1, yields are expected to average 175.1 bushels per acre, up 6.7 bushels from 2015. If realized, this will be the highest yield and production on record for the United States. Area harvested for grain is forecast at 86.6 million acres, unchanged from the June forecast, but up 7 percent from 2015.

Soybean production is forecast at a record 4.06 billion bushels, up 3 percent from last year. Based on August 1 conditions, yields are expected to average a record 48.9 bushels per acre, up 0.9 bushel from last year. Area for harvest in the United States is forecast at a record 83.0 million acres, unchanged from the June forecast but up 1 percent from 2015. Planted area for the Nation is estimated at a record 83.7 million acres, also unchanged from June.

Source: USDA, Crop Production report, Aug. 18, 2016