Corn, Soybeans Tumble on Forecast For Another Bumper Harvest

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Oilseeds

For soybeans, the USDA's USA yield is estimated at 49.4 bushels per acre vs. the trendline forecast of 48.0 and the average trade estimate of 47.5 bushels per acre.

US farmers are expected to produce a record-high soybean crop this year, according to the Crop Production report issued August 10 by the USDA's National Agricultural Statistics Service.

The U.S. 2017 corn production estimate is 14.15 billion bushels vs. the previous USDA estimate of 14.25 bu./acre and the average trade estimate of 13.85 billion bushels. The most active soybean futures on the Chicago Board of Trade had risen 0.1 percent to $9.74-1/4 a bushel by 0330 GMT.

NASS forecasts record-high yields in Alabama, Louisiana, Michigan, Mississippi, New York, Pennsylvania, and SC.

Winter wheat outturn was estimated at 1.287 billion bushels, up 1% from July but down 23% from 1.671 billion bushels in 2016.

USA durum production was forecast at 50,535,0000 bushels, down 12% from July and down 51% from 104.116 million bushels in 2016.

For 2017-18 soybean ending stocks, the USDA sees US stocks at 475 million bushels vs. the July estimate of 460 million and the average trade estimate odf 424 million bushels. All other spring wheat production is forecast at 402 million bushels, down 25 percent from 2016. Average yield was forecast at 27.2 bushels an acre, down 3.7 bushels from July and down 16.8 bushels from 2016, with harvested area at 1.86 million acres, unchanged from July but down 21% from a year ago.

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