WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture in its Jan. 12 Crop Production 2017 Summary estimated corn production at 14.604 billion bushels, up 26 million bushels from its November estimate of 14.578 billion bushels but down 544 million bushels, or 3.6%, from 15.148 billion bushels in 2016. Average corn yield was estimated at a record 176.6 bushels an acre, up from 175.4 bushels in November and from 174.6 bushels in 2016.

Soybean production was estimated at 4.392 billion bushels, down 34 million bushels from 4.425 billion bushels in November but up 96 million bushels, or 2.2%, from 4.296 billion bushels in 2016. Average soybean yield was estimated at 49.1 bushels per acre, down from 49.5 bushels in November and from a record 52 bushels in 2016.