WASHINGTON, D.C., U.S. — U.S. 2016 corn production was forecast at 15.093 billion bushels, down 60 million bushels from 15.153 billion bushels forecast in August but up 11% from 13.601 billion bushels in 2015, the U.S. Department of Agriculture said in its Sept. 12 Crop Production report. Soybean production was forecast at 4.201 billion bushels, up 3% from 4.060 billion bushels forecast in August and up 7% from 3.929 billion bushels last year.
Based on Sept. 1 conditions, corn yield was forecast at 174.4 bushels an acre, down 0.7 bushels from the August forecast but up 6 bushels from 168.4 bushels an acre in 2015, the USDA said. Soybean yield was forecast at 50.6 bushels an acre, up 1.7 bushels from August and up 2.6 bushels from 48 bushels an acre in 2015.
If realized, 2016 yield and production would be record high for both corn and soybeans, the USDA said.
The USDA corn production forecast was above the pre-report trade average of 14.974 billion bushels and yield was above the trade average of 172.9 bushels an acre. The USDA soybean production number also was above the pre-report average of 4.100 billion bushels and the trade yield average of 49.4 bushels an acre.
In its World Agricultural Supply and Demand Estimates report, the USDA forecast the carryover of corn on Sept. 1, 2017, at 2.384 billion bushels, down 25 million bushels from its August forecast and compared with 1.716 billion bushels on Sept. 1, 2016. The Sept. 1, 2017, soybean carryover was forecast at 365 million bushels, up 35 million bushels from August and compared with 195 million bushels in 2016.
The USDA 2016-17 corn and soybean carryover numbers were above pre-report trade averages of 2.322 billion bushels for corn and 333 million bushels for soybeans.
Corn and soy complex futures traded lower immediately after the USDA reports were released.
Updated 2016 production estimates for wheat and other small grains will be released Sept. 30 in the USDA’s annual Small Grains Summary.