WASHINGTON — The U.S. Department of Agriculture in its Aug. 12 Crop Production report forecast 2016 U.S. corn production at a record 15,153 million bus, up 11% from 13,601 million bus in 2015 and compared with trade expectations that averaged 14.8 billion bus. Average corn yield was forecast at a record 175.1 bus an acre, up from 168.4 bus in 2015.
Soybean production was forecast at a record 4,060 million bus, up 3% from 3,929 million bus in 2015 and compared with the average of trade expectations at 3.9 billion bus. Average soybean yield was forecast at 48.9 bus an acre, up from 48 bus in 2015.
All wheat outturn in 2016 was forecast at 2,321 million bus, up 3% from 2,261 million bus forecast in July, up 13% from 2,052 million bus in 2015 and compared with trade expectations of 2.3 billion bus.