WASHINGTON — The U.S. Department of Agriculture, in its Oct. 11 Crop Production report, forecast 2018 U.S. production of corn at 14,778 million bus, down 0.3% from 14,827 million bus in September but up 1.2% from the 14,604 million bus in 2017 and the second highest on record after 15,148 million bus in 2016. Soybean production was forecast at a record 4,690 million bus, down slightly from 4,693 million bus in September but up 6% from 4,411 million bus a year ago.
Based on Oct. 1 conditions, average corn yield in 2018 was forecast at a record 180.7 bus per acre, down 0.6 bu from September but up 4.1 bus from 2017. Harvested area was forecast at 81.8 million acres, down slightly from September and down 1.1% from 2017.
The U.S.D.A. noted that acreage updates for both corn and soybeans were made for several states “based on a thorough review of all available data.”
The average soybean yield based on Oct. 1 conditions was forecast at a record-high 53.1 bus per acre, up 0.3 bu from September and up 3.8 bus from 2017. Harvested area was forecast at 88.3 million acres, down 0.6% from September and down 1.3% from 2017.
The U.S.D.A. corn production and yield forecasts were below the average of trade expectations of 14,851 million bus and 181.8 bus an acre, respectively. The U.S.D.A. soybean production and yield estimates also were below the trade averages of 4,733 million bus and 53.4 bus an acre, respectively.
Chicago corn futures were about 5c to 7c a bu higher after the report, and soybean futures were up about 3c a bu.