WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture in its Oct. 12 Crop Production report estimated 2017 U.S. production of corn at 14.280 billion bushels, up 96 million bushels, or 1%, from 14.184 billion bushels forecast in September but down 868 million bushels, or 6%, from record outturn of 15.148 billion bushels in 2016. Soybean production was estimated at a record 4.431 billion bushels, down 422,000 bushels from September but up 135 million bushels, or 3%, from 4.296 billion bushels last year.

Based on Oct. 1 conditions, average corn yield in 2017 was forecast at 171.8 bushels an acre, up 1.9 bushels from September but down 2.8 bushels from 174.6 bushels an acre in 2016. Harvested area of corn was forecast at 83.1 million acres, down 400,000 acres from September and down 4% from last year. If realized, corn yield and production will be the second highest on record after 2016.

The average soybean yield was forecast at 49.5 bushels an acre based on Oct. 1 conditions, down 0.4 bushels from September and down 2.5 bushels from 2016. Harvested area was forecast at a record 89.5 million acres, up 1% from September and up 8% from 2016.

The USDA corn production and yield forecasts were above the average of trade expectations of 14.168 billion bushels and 169.7 bushels an acre, respectively, while the USDA soybean forecasts were below trade averages of 4.439 billion bus and 49.8 bushels an acre, respectively.

Corn futures traded about 3¢ a bushel higher after the report while soybean futures jumped about 26¢ a bushel.