The US Dept. of Agriculture in its August 12 Crop Production report forecast 2016 US corn production at a record 15,153 million bushels, up 11 percent from 13,601 million bushels in 2015 and compared with trade expectations that averaged 14.8 billion bushels.
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The USDA’s National Agricultural Statistics Service estimates the average yield for corn to be 147 bushels per acre, based on August 1 conditions. Soybean yields are expected to average 48.9 bushels per acre, reaching another record-high mark.
Soybean production is forecast to be down 13 percent and alfalfa hay down 9 percent from past year.
Farmers expect to harvest beans from 1.94 million acres which would be up 70,000 from a year ago and also a new record high. Farmers produced a record 3.93 billion bushels of soybeans on 48 bushels per acre, also a record.
The gains in soybeans pulled corn higher, but wheat closed lower as traders locked in profits from early gains amid ample global stockpiles. Yields will be up a bushel per acre to average 49. Soyoil futures rallied 3.4 percent to their highest since April 27 after a monthly National Oilseed Processors Association report showed that supplies were tighter than expected. Yield was expected to average 800 pounds per harvested acre, up 34 pounds from previous year.
Milk production per cow in the 23 major States averaged 1,926 pounds for June, which the USDA has said is 26 pounds above June 2015. Other recent average corn yields in Iowa are 178 bushels per acre in 2014, 165 bushels per acre in 2013, and the drought-reduced yield of 137 bushels per acre in 2012.
The USDA expects record soybean yields from Illinois, Iowa, Missouri, Nebraska and Wisconsin. South Dakota’s corn yield is estimated at 147 bushels per acre, compared to 159 bushels per acre in 2015, with North Dakota at 135 bushels per acre, compared to 128 bushels per acre in 2015. Our corn crop is now estimated at 554 million bushels on yields of 173 bushels per acre-if that happens, those would both be new record highs.
More moderate weather conditions this year have enabled grain crops to thrive in many parts of the state, analysts said. It also raised its soy export outlook for 2016/17 by 30 million bushels. Harvest acres will total 185,000, down 16 percent from 2015.
USDA is now estimating total 2016 harvested soybean acreage at 83.0 million acres, which compares to 81.8 million acres in 2015.
Meanwhile based on recent data, the latest USDA forecast for dairy cow numbers in the USA for the second and third quarter of 2016 has been lowered by 10,000 head.
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At 9:36 a.m. CDT (1436 GMT), Chicago Board of Trade November soybean futures were up 26-1/5 cents at $10.08 a bushel.
