Will USDA report be a turning point?

The U.S. Department of Agriculture raised its average corn yield estimate to 175.4 bushels per acre which if it holds would be a new record

The U.S. Department of Agriculture raised its average corn yield estimate to 175.4 bushels per acre which if it holds would be a new record

All other 2017-18 all wheat forecasts were unchanged, as were 2016-17 estimates with 2017 carryover at 1,181 million bus. Soybeans are down 0.2 percent after climbing 1.2 percent last week. He conducts Farm Futures exclusive surveys on acreage, production and management issues and is one of the analysts regularly contracted by business wire services before major USDA crop reports.

The U.S. Department of Agriculture in its November 9 Crop Production report forecast 2017 U.S. production of corn at 14.578 billion bushels, up 298 million bushels, or 2%, from 14.280 billion bushels forecast in October but down 570 million bushels, or 4%, from record outturn of 15.148 billion bushels in 2016. Total production is expected to be 944.8 million bushels, down less than 1 percent from 2016. Harvested area was forecast at a record 89.5 million acres, unchanged from October and up 8% from 2016. White wheat carryover was forecast at 67 million bus, up 4 million bus due to a 5-million-bu decrease in domestic use and a 1-million-bu decrease in supply.

"We have surprisingly high USA corn yields, no one was expecting this", said one India-based agricultural commodities analyst of a USA crop report. Soybeans, up 0.2 percent at $9.87-1/4 a bushel, were steadying after falling on Thursday when the USDA also surprised traders by keeping unchanged its soybean yield outlook, rather than trimming it as expected. Corn production is forecast at 496 million bushels, down 77.6 million bushels from past year.

Sorghum production is forecast to be down 30 percent with 189 million bushels.

The USDA said corn export sales jumped last week to a 5-1/2-year high of more than 2.9 million tonnes, including 2.3 million for shipment in the current marketing year, topping trade estimates.

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