Corn and soybean crops in the United States remain on a record pace as the U.S. Department of Agriculture boosted its yield estimates in the August World Agricultural Supply and Demand Estimates.
In the report that was released on Friday, the USDA said soybean production for 2016-17 is forecast at 4.06 billion bushels, up from July’s forecast of 3.88 billion. The USDA boosted its yield estimate to a record 48.9 bushels per acre, 2.2 bushels above July’s estimate.
New crop ending stocks were raised to 330 million from 290 million. The USDA’s average U.S. farm price projection was lowered to a range of $8.35 to $9.85 per bushel, down from $8.75 to $10.25.
Corn production was raised to 15.15 billion bushels, up from last month’s projection of 14.54 billion.
The USDA estimated the yield at a record 175 bushels per acre, up from 168 in July.
New crop ending stocks are estimated at approximately 2.41 billion, up from 2.08 billion in July.
The average farm-gate price was projected at $2.85 to $3.45 per bushel, down from July’s estimate of $3.10 to $3.70.
The average U.S. wheat yield was raised to 52.6 bushels per acre from 51.3. Production was forecast at 2.321 billion bushels, up from July’s estimate of 2.261 billion.
U.S. ending stocks were approximately the same at 1.1 billion bushels.
The average farm price was forecast at $3.35 to $4.05 per bushel, down from July’s estimate of $3.40 to $4.20.