Record #Corn and #Soybean Crop Forecast

Cindy Zimmerman Audio, Corn, MGEX, Soybean, USDA

USDAUSDA’s first crop production forecast based on actual field data is predicting some bin-busting crops this year.

Corn production is forecast at 15.2 billion bushels, up 11 percent from last year. Based on conditions as of August 1, yields are expected to average 175.1 bushels per acre, up 6.7 bushels from 2015. If realized, this will be the highest yield and production on record for the United States. Area harvested for grain is forecast at 86.6 million acres, unchanged from the June forecast, but up 7 percent from 2015.

Soybean production is forecast at a record 4.06 billion bushels, up 3 percent from last year. Based on August 1 conditions, yields are expected to average a record 48.9 bushels per acre, up 0.9 bushel from last year. Area for harvest in the United States is forecast at a record 83.0 million acres, unchanged from the June forecast but up 1 percent from 2015. Planted area for the nation is estimated at a record 83.7 million acres, also unchanged from June.

Cotton and wheat production, while not records, are also forecast to be higher than last year by 23% and 13% respectively.

Mike Krueger of The Money Farm gave his insights into the new report during the MGEX crop conference call on Friday. Listen to it here: MGEX 8-12 Crop Report Call

Audio, Corn, MGEX, Soybean, USDA