WASHINGTON, DC, US — The US Department of Agriculture in its Sept. 10 Crop Production report forecast 2021 US corn and soybean production above August levels with corn also above the average of trade expectations but soybeans slightly below.
The USDA forecast 2021 corn production at 14.996 billion bushels, up 2% from 14.75 billion bushels as the August forecast, up 6% from 14.182 billion bushels in 2020 and the second highest on record after the 2016 crop, if realized. The average of trade predictions was 14.942 billion bushels.
The 2021 corn forecast was based on a harvested area projection at 85.085 million acres, up 1% from August and up 3% from 2020, and an average yield based on Sept. 1 conditions of 176.3 bushels per acre, up 1.7 bushels from August, up 4.3 bushels from 2020 and the third highest on record.
The USDA forecast 2021 soybean production at 4.374 billion bushels, up 1% from 4.339 billion bushels as the August forecast, up 6% from 4.135 billion bushels in 2020 and the third highest on record, if realized. The average of trade expectations was 4.377 billion bushels.
The 2021 soybean production forecast was based on harvested area projected at 86.436 million acres, down slightly from the prior forecast but up 5% from 2020, and an average yield of 50.6 bushels per acre, up 0.6 bushels from August, up 0.4 bushels from 2020 and the second highest on record.
Corn futures traded mostly higher and soybean futures were up sharply after the 11:00 a.m. Central time release of the USDA report.