The Agriculture Department cut estimates on U.S. corn production to 10.8 billion bushels, down 17 percent from the agency’s July prediction. If realized, that would be the smallest harvest since 2006.
USDA pegs the national average yield at 123.4 bushels per acre. That’s down 15 percent from last month’s guess and, if it comes to fruition, would be the smallest yieldin 17 years.
U.S. soybean production is now forecast at 2.69 billion bushels, reflecting a 12 percent decline from the July estimate. USDA expects an average soybean yield of 36.1 bushels per acre, which would be the lowest since 2003.
And total U.S. wheat production is predicted to be 2.27 billion bushels. That’s actually up 2 percent from last month’s guess and, if realized, would be 13 percent abovelast year’s drought-impacted harvest.