WASHINGTON, D.C., U.S. — U.S. 2015 corn production was forecast at 13.555 billion bushels, down 30 million bushels from 13.585 billion bushels forecast in September and down 5% from a record 14.216 billion bushels in 2014, the U.S. Department of Agriculture (USDA) said in its Oct. 9 Crop Production report. Soybean production was forecast at 3.888 billion bushels, down 47 million bushels, or 1%, from 3.935 billion bushels forecast in September and down 1% from 3.927 billion bushels last year.
The USDA corn number was above the average pre-report trade estimate of 13.461 billion bushels. The soybean number was slightly above the pre-report average of about 3.884 billion bushels. Corn futures traded slightly lower after the report but soybean futures advanced.
Based on Oct. 1 conditions, corn yield was forecast at 168 bushels an acre, up from 167.5 bushels forecast in September but down 3 bushels from 171 bushels an acre in 2014, the USDA said. Harvested area was forecast at 80,664,000 acres, down slightly from 81,101,000 acres forecast in September and down 3% from 2014.
Soybean yield was forecast at 47.2 bushels an acre, up from 47.1 bushels forecast in September but down from 47.5 bushels an acre in 2014. Harvested area was forecast at 82,429,000 acres, down 1% from 83,549,000 acres forecast in September and down slightly from last year.
The USDA corn yield number was above the average trade forecast of 166.4 bushels an acre, and the soybean number also was above the trade average estimate of 46.9 bushels an acre.