Published: Wed, September 13, 2017
Money | By Armando Alvarado

WASDE forecasts corn production up, corn use for ethanol down

WASDE forecasts corn production up, corn use for ethanol down

Based on September 1 conditions, yields are expected to average 49.9 bushels per acre, up 0.5 bushel from last month but down 2.2 bushels from a year ago. Soybean production was forecast at 4.431 billion bushels, up 1% from August and up 3% from 2016.

The weekly crop report from the federal government says South Dakota's corn and soybeans are maturing at a pace behind last year's and the five-year average. Additionally, due to Hurricane Irma, USDA will collect harvested acreage data for impacted states ahead of its October Crop Production report.

The September crop report was once again bearish as USDA raised production estimates for corn and soybeans, and futures prices dipped accordingly yesterday after the release.

1 conditions, average corn yield in 2017 was forecast at 169.9 bushels an acre, up 0.4 bushels from August, down 4.7 bushels from 2016 and the third highest on record. Harvested area was forecast at a record 88.7 million acres, unchanged from August but up 7% from 2016.

Both the soybean production and yield outlooks topped the range of estimates in a Reuters survey of analysts.

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The remnants of Hurricane Irma are moving through the southeastern US bringing rain and flooding to many states. But yield is forecast at a record 31.4 tons per acre.

"What would have been a phenomenal year for corn ten years ago now seems average". Last week, crop watchers said 50% was in good condition; 11% excellent and 28% fair condition.

Sorghum for grain production in South Dakota also is forecast to decline from last year's harvest.

South Dakota's corn and soybeans crops this year are expected to fall short of last year's harvests. The new wheat forecast pushed its futures higher, prompting a 1.69 percent increase.

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