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The USDA has raised the already record 2016 U.S. corn and soybean production estimates.
As of November 1st, corn is seen at 15.2226 billion bushels, up 1% from October and 12% higher than 2015’s total of 13.601 billion, with an average yield of 175.3 bushels per acre. October’s estimate was 173.4 bushels per acre and 2015 totaled 168.4. The USDA anticipates record yields in Illinois, Iowa, Minnesota, and Wisconsin, along with the third highest number of ears ever in the USDA’s objective yield states (Illinois, Indiana, Iowa, Kansas, Minnesota, Missouri, Nebraska, Ohio, South Dakota, and Wisconsin). Harvested area is pegged at 86.836 million acres, compared to 80.749 million a year ago.
Soybeans are projected at 4.361 billion bushels, 2% above October and 11% more than last year’s final of 3.926 billion, with an average yield of 52.5 bushels per acre. The October estimate was 51.4 bushels per acre and the total 2015 yield was 48.0. All-time highs for yield are expected in Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Nebraska, South Dakota, and Wisconsin.
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. |
Source: USDA