The USDA has raised its 2017 corn production outlook, while lowering the projection for soybeans.
Corn is currently estimated at 14.577 billion bushels, up 2% from October’s guess, but down 4% from the 2016 record of 14.148 billion. The average yield is seen at 175.4 bushels per acre, which would be a new all-time high, if realized. That compares to 171.8 bushels per acre a month ago and 174.6 a year ago. Harvested area is expected to be 83.119 million acres, compared to 86.748 million last year. USDA has the third highest number of ears on record in the 10 objective yield states of Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Ohio, South Dakota, and Wisconsin, with record yield projections for Alabama, Idaho, Kentucky, Louisiana, Michigan, Mississippi, Pennsylvania, South Carolina, and Tennessee.
Soybean production is expected to be 4.425 billion bushels, 1% lower than last month, but still a new record and up 3% on the year, with an average yield of 49.5 bushels per acre, unchanged from October, and record harvested area of 89.471 million acres. In 2016, U.S. soybean production totaled 4.296 billion bushels with an average yield of 52.0 bushels per acre and harvested area of 82.696 million acres. Combined pod counts are down from last year in the top 11 production states of Arkansas, Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Ohio, and South Dakota, with an anticipated decrease of more than 200 pods per 18 square feet in Illinois, Nebraska, and South Dakota. Still, if current yields are realized, the USDA says Alabama, Arkansas, Delaware, Kentucky, Maryland, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, and Virginia.
The numbers are only as of November 1st, so they remain subject to change, with the final totals due out in January.
The USDA’s next set of supply, demand, and production numbers is out December 12th.
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|World Agricultural Supply and Demand Estimates Report (WASDE)|
The World Agricultural Outlook Board (WAOB) serves as USDA’s focal point for economic intelligence and the commodity outlook for U.S. and world agriculture. The Board coordinates, reviews, and approves the monthly World Agricultural Supply and Demand Estimates (WASDE) report, houses OCE's Joint Agricultural Weather Facility, and coordinates USDA's Agricultural Outlook Forum.