Record crops of corn, soybeans forecast in Kansas

Andrew Cummings
November 11, 2017

"In 2005, the year the RFS was enacted, corn yield stood at 147.9 bushels per acre".

Predictions for the harvest could still change because the harvest is only 50 percent complete. The average yield forecast of 58 bushels per acre is down 3 bushels. Wheat was 0.20 percent lower at $4.28-1/4 a bushel. Soybeans are down 0.2 percent after climbing 1.2 percent last week.

Nationally, corn-for-grain production is expected to decrease this year, the USDA reported. The U.S. Department of Agriculture (USDA) raised its corn crop forecast to 14.578 billion bushels, based on an average yield of 175.4 bushels per acre (bpa). Corn production is forecast at 496 million bushels, down 77.6 million bushels from previous year. Soybean production was forecast at a record 4.425 billion bushels, down just 6 million bushels from 4.431 billion bushels in October but up 129 million bushels, or 3%, from 4.296 billion bushels a year ago.

The USDA production and yield estimates all were above average trade expectations of 14,323 million bushels and 172.3 bushels an acre for corn and 4,404 million bushels and 49.2 bushels an acre for soybeans, respectively.

For soybeans, slowing purchases by China remain a concern.

Orange production took less of a hit than expected from last month's hurricane, but still down four percent overall and seven percent from last month.

Wheat futures closed mixed for the day, with corn and soybean futures lower. "Nevertheless, in the short term we view price downside for CBOT corn as limited - due mainly to the reluctance of producers to sell corn at prices much below current levels, but also due to the significant net short position held by funds".

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