U.S. corn production

WASHINGTON — The U.S. Department of Agriculture in its Oct. 12 Crop Production report estimated 2017 U.S. production of corn at 14,280 million bus, up 96 million bus, or 1%, from 14,184 million bus forecast in September but down 868 million bus, or 6%, from record outturn of 15,148 million bus in 2016. Soybean production was estimated at a record 4,431 million bus, down 422,000 bus from September but up 135 million bus, or 3%, from 4,296 million bus last year.

Based on Oct. 1 conditions, average corn yield in 2017 was forecast at 171.8 bus an acre, up 1.9 bus from September but down 2.8 bus from 174.6 bus an acre in 2016. Harvested area of corn was forecast at 83.1 million acres, down 400,000 acres from September and down 4% from last year. If realized, corn yield and production will be the second highest on record after 2016.

The average soybean yield was forecast at 49.5 bus an acre based on Oct. 1 conditions, down 0.4 bu from September and down 2.5 bus from 2016. Harvested area was forecast at a record 89.5 million acres, up 1% from September and up 8% from 2016.

U.S. soybean production

The U.S.D.A. corn production and yield forecasts were above the average of trade expectations of 14,168 million bus and 169.7 bus an acre, respectively, while the U.S.D.A. soybean forecasts were below trade averages of 4,439 million bus and 49.8 bus an acre, respectively.

Corn futures traded about 3c a bu higher after the report while soybean futures jumped about 26c a bu.