CHICAGO — US corn production will be bigger than previously projected as farmers recorded record yields as they progressed through harvest, the government said on Tuesday.
But the outlook for soy production was unexpectedly trimmed due to lower yields in key production states such as Indiana, Iowa, Ohio, and Kansas.
US corn production was forecast at 15.062 billion bushels, based on an average yield of 177.0 bushels per acre, according to the US Agriculture Department’s monthly World Agriculture Supply and Demand Estimates report. Soybean production was pegged at 4.425 billion on a yield of 51.2.
Analysts had been expecting the report to show harvests of 15.050 billion for corn and 4.484 billion for soybeans, based on the average of estimates given in a Reuters poll. Average trade estimates for yields were 176.9 for corn and 51.9 for soybeans. (Reporting by Mark Weinraub)