WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture in its Sept. 12 Crop Production report forecast 2019 U.S. production of corn at 13.799 billion bushels, down 101.5 million bushels, or 0.7%, from the August forecast and down 4.3% from 2018. Soybean production was forecast at 3.633 billion bushels, down 47.566 million bushels, or 1.1%, from August and down 20% from 2018.

Average corn yield, based on Sept. 1 conditions, was forecast at 168.2 bushels an acre, down 1.3 bushels, or 0.8%, from August and down 8.2 bushels, or 4.7%, from 176.4 bushels per acre in 2018. Corn harvested area was forecast at 82 million acres, unchanged from August and up slightly from 2018.

Source: USDA *Forecasted

The average soybean yield was forecast at 47.9 bushels an acre, down 0.6 bushels, or 1.2%, from August and down 3.7 bushels, or 7%, from 51.6 bushels per acre last year. Harvested area was forecast at 75.9 million acres, unchanged from August but down 14% from 2018.

If realized, corn production would be the lowest since 13.602 billion bushels in 2015. Record high production of 15.148 billion bushels was harvested in 2016. Soybean production would be the lowest since 3.357 billion bushels in 2013 with record high outturn of 4.544 billion bushels in 2018.

Source: USDA *Forecasted

The USDA corn and soybean production and yield forecasts all were above the average of trade expectations but were within the full range of trade forecasts.

Chicago corn futures were up about 5¢ a bushel and soybean futures were sharply higher, up 20¢ per bushel or more, immediately after the 11:00 a.m. Central time release of the USDA data.

Wheat production estimates are not updated in the September crop report and will next be revised in the USDA’s Sept. 30 Small Grains Summary.