Corn, soybeans chart record-breaking seasons

Mae Love
January 13, 2018

"Soybean exports are reduced 65 million bushels to 2,160 million, reflecting lagging sales commitments through December and increased competition with higher soybean production and export forecasts for Brazil", the report said.

The increased corn production also caused USDA to boost its 2017/18 ending stocks view for the yellow grain.

Soybean production for Kentucky is estimated at 103 million bushels, up two percent from the November forecast and up 16 percent from 2016.

US farmers raised an average of 49.1 bushels per acre of soybeans in 2017, USDA now says.

On a global front, an increase in the estimate of Brazil's production to 110 million mt from 108 million mt due to higher yields, marginally offset the 900,000 mt fall in United States production and a fall in Argentinian output to 56 million mt from 57 million mt. Yield was estimated at 178 bushels per acre, up one bushel from the November forecast and up 19 bushels from the 2016 level. Both soybean yield and production came in below the average of analysts' forecasts.

USDA said soybean harvested acreage was 89.522 million and corn harvested acreage was 82.703 million. Average corn yield was estimated at a record 176.6 bus an acre, up from 175.4 bus in November and from 174.6 bus in 2016.

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The 2017 soybean crop is pegged 43.9 billion bushels, 2 percent more in 2016.

Trading ranges in each of the commodities were narrow in advance of the USDA crop data that also was likely to show smaller USA winter wheat plantings and a decline in US corn ending stocks.

Wheat stocks as of December 1 fell to 1.874 billion from 2.079 billion.

Corn production in Kentucky is estimated at 217 million bushels, down one percent from the November forecast and down two percent from the previous crop.

Increased demand for food, seed and industrial use, which was raised by 10 million bushels over last month, was more than offset by a 25 million bushel decrease to demand projections for feed and residual markets. It raised its estimate of the Brazil crop to 110 million tonnes and the export outlook for that country to 67 million tonnes.

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