The USDA has lowered its 2017 production outlook for corn from July, while raising the estimate for soybeans. This is the first set of field based production numbers of the year, with widely varied weather during the course of the growing season.
As of August 1st, this year’s corn crop is expected to be 14.153 billion bushels with an average yield of 169.5 bushels per acre, down from both last month’s projections of 14.255 billion with an average yield of 170.7 and the 2016 totals of 15.148 billion bushels with an average yield of 174.6 bushels per acre, but potentially the third largest crop and yield on record and more than what many analysts were expecting. Harvest area is seen at 83.496 million acres, compared to 86.748 million a year ago.
Soybeans are pegged at 4.381 billion bushels with an average yield of 49.4 bushels per acre. That would be a bigger crop than 2016’s total of 4.307 billion bushels, but with a lower average yield; last year’s average was 52.1 bushels per acre. In July, the USDA had beans at 4.260 billion bushels with an average yield of 48.0 bushels per acre. Harvested area is expected to be a record 88.731 million acres, compared to 82.736 million last year. The USDA says that if realized, record yields would be achieved in Missouri, Delaware, Georgia, Kentucky, Mississippi, Pennsylvania, and South Carolina.