Production down in USDA report
In USDA’s crop production report issued Thursday morning, corn and soybean production was down slightly.
Corn production is forecast at 14.8 billion bushels. Based on Oct. 1 conditions, yields are expected to average 180.7 bushels per acre, down from the September forecast but up 4.1 bushels from 2017. This would be the highest yield and second highest production on record for the U.S.
Soybean production is expected to reach a record 4.69 billion bushels, down slightly from September but up 6 percent from last year. Based on Oct. 1 conditions, yields are expected to average a record 53.1 bushels per acre, up 0.3 bushel from last month.
After the report was issued, corn was up 6.5, soybeans up 5.5 and wheat was 5.75 higher.