CORN YIELDS SURPRISINGLY HIGHER IN LATEST USDA REPORT

Corn production is set for a new record yield according to the latest USDA forecast, aided in part by a modest recovery in Missouri.  The monthly Crop Production report calls for 14.8 billion bushels of corn to be harvested this year, resulting in a yield of 181.3 bushels per acre.  That’s an almost three-bushel improvement from the August forecast and a gain of 4.7 bushels from last year.  12 states are on track to set yield records, led by Washington State with 225 bushels and Illinois with a record 214.  Meanwhile, Missouri saw its yield upgraded by seven bushels from last month to 138 bushels per acre.  That puts the state on track for an 18.8 percent decrease from last year to 448.5 million bushels.  Despite drought weighing down Missouri’s production, the forecast is still considerably higher than the last drought in 2012 and just above the rain-soaked 2015 crop.

Soybean production remains on track for record production, with USDA raising its forecast from August by two percent and seven percent from a year ago.  About 4.69 billion bushels will be harvested by way of a record 52.8 bushels per acre, up 3.7 from last year.  Ten states are on track for record yields, led by Illinois with 66 bushels per acre and three other states at or above 60 bushels.  Missouri’s forecast was increased two bushels per acre from August to 47 bushels, which is still two below last year’s mark.  The result is a 21.3 million bushel decline from last year’s harvest to 269.3 million.

Sorghum is on track for a rebound in Missouri, with almost six million bushels due for harvest.  Yield was upgraded four bushels from August to 109 bushels per acre, one better than last year.  Summer potato production in the state is set to drop 19 percent to 196.1 million pounds.  About 7,400 acres are set for harvest in Missouri, down 1,100 from last year.  Yield also fell 20 pounds per acre to 265.  Farmers in the Bootheel remain on pace to harvest 1.53 billion pounds of rice, up 29 percent from last year.  Cotton yield was raised higher by 30 pounds per acre to 1,230, resulting in a potential harvest of 820,000 bales.  That’s 70,000 more than a year ago.