WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture, in its Sept. 12 Crop Production report, forecast 2018 U.S. production of corn at 14.827 billion bushels, up 1.6% from the August forecast and up 1.5% from 2017. Soybean production was forecast at a record 4.693 billion bushels, up 2% from August and up 7% from 2017.

Based on Sept. 1 conditions, average corn yield in 2018 was forecast at 181.3 bushels an acre, up 2.9 bushels from August, up 4.7 bushels from last year and the highest on record. Harvested area of corn was forecast at 81.8 million acres, unchanged from August but down 1% from 2017.

The average soybean yield was forecast at a record-high 52.8 bushels per acre based on Sept. 1 conditions, up 1.2 bushels from August and up 3.7 bushels from last year. Harvested area was forecast at 88.9 million acres, unchanged from last month but down 1% from 2017.

If realized, soybean production would be record high, topping the previous record of 4.392 billion bushels in 2017. Corn production would be the second highest on record after the 2016 record of 15.148 billion bus.

The USDA corn production and yield forecasts were above the average of trade expectations of 14.530 billion bushels and 177.8 bushels an acre, respectively. The USDA soybean production and yield estimates were above trade expectations, which averaged 4.650 billion bushels and 52.2 bushels an acre, respectively.

September corn futures fell more than 3% after the release of the report. September soybeans were trading about 1% higher after the USDA numbers were released.