Reuters writer Mark Weinraub reported today that, “The U.S. Agriculture Department raised its already record-high forecast for U.S. corn and soybean harvests on Wednesday, with gains keyed by increased yield estimates in major production states such as Iowa, Minnesota and Ohio.
“The bumper harvest will leave a larger-than-expected stockpile of both commodities even with increased usage forecasts, the government said in its monthly supply and demand and production reports.”
Graphs From USDA-NASS
More specifically, the article noted that, “USDA pegged U.S. corn production for the 2016/17 marketing year at 15.226 billion bushels, based on an average yield of 175.3 bushels per acre, up from its October outlook of a 15.057 billion bushel harvest and an average yield of 173.4 bushels per acre…[F]or soybeans, USDA said the crop would be 4.361 billion bushels, 92 million higher than its October outlook. The government’s soy yield view was raised to 52.5 bushels per acre from 51.4.”
