USDA Modifies 2017 Corn, Soybean Production Forecast

USDA Modifies 2017 Corn, Soybean Production Forecast

Ending stocks for the 2016-2017 marketing year that ended on Aug. 31 likely will be pegged at 2.34 billion bushels, barely lower than the August forecast for 2.37 billion, the analysts said.

"Tuesday's crop report data was collected well before Irma and was either finished before Harvey hit Texas or the data collection was impacted by Harvey, so the numbers being forecast are subject to change", he explained.

09/13/2017Corn production is forecast at 14.2 billion bushels, down 6 percent from past year but up less than 1 percent from the August forecast.

If realized, soybean production would be record high, topping the previous record of 4.307 billion bushels in 2016. Area harvested for grain is forecast at 83.5 million acres, unchanged from the August forecast but down 4 percent from 2016.

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Soybean futures for November delivery lost 2 ¼ cents to $9.57 ¾ a bushel. Average yield is forecast at 124 bushels per acre, down 34 bushels from a year ago.

The USDA has increased the 2017-'18 outlook for corn production in the September edition of its World Agricultural Supply and Demand Estimates report, noting greater feed and residual use, higher ending stocks and lower prices are also expected. Harvested area was forecast at a record 88.7 million acres, unchanged from August but up 7% from 2016. "It seems like this year so far, that's been the case". "And, corn condition ratings this year are below last year", Matli said.

The remnants of Hurricane Irma are moving through the southeastern USA bringing rain and flooding to many states. Corn production would be the third highest on record after last year's record of 15.148 billion bushels and 14.216 billion bushels in 2014. Total production is forecast at 330 million bushels, up 2 percent from previous year and also a new record for the State.