USDA Cuts Corn Outlook, Raises Soybean Production to Record Levels

The US Department of Agriculture (USDA) has released its September Crop Production and World Agricultural Supply and Demand Estimates reports, which include updated forecasts for corn and soybean production. The USDA lowered its corn production forecast, projecting a national yield of 178.5 bushels per acre, down 2.2 bushels from its August estimate. This decrease results in an estimated total corn production of 15.8 billion bushels, down 213 million bushels from last month's projection.

The USDA also revised its soybean production forecast upward to a record 4.535 billion bushels, with the national yield increasing slightly to 52.8 bushels per acre. Soybean ending stocks were reduced to 310 million bushels, and the projected farm price climbed 60 cents to $12 per bushel.

USDA left U.S. wheat production unchanged at 1.531 billion bushels.