The United States Department of Agriculture increased its projection for U.S. soybean production while lowering the estimate for corn.
In the Oct. 12 Crop Production Report, the USDA forecast corn production at 15.1 billion bushels, up 11 per cent from last year but down slightly from the September forecast.
Based on conditions as of Oct. 1, yields are expected to average 173.4 bushels per acre, down 1 bushel from the September forecast but up 5 bushels from 2015. If realized, the USDA said this will be the highest yield and production on record for the United States.
Area harvested for grain is forecast at 86.8 million acres, up slightly from the September forecast and up 8 per cent from 2015. Acreage updates were made in several States following a thorough review of all available data.
Soybean production is forecast at a record 4.27 billion bushels, up 2 per cent from September and up 9 per cent from last year.
Based on Oct. 1 conditions, yields are expected to average a record 51.4 bushels per acre, up 0.8 bushel from last month and up 3.4 bushels from last year.
Area for harvest in the United States is forecast at a record 83.0 million acres, up slightly from September and up 2 per cent from 2015.