The average soybean yield was forecast at 49.4 bushels an acre, down 5% from 52.1 bushels past year, with harvested area forecast at a record high 88.7 million acres, unchanged from June but up 7% from 2016. Record soybean yields are expected in Delaware, Georgia, Kentucky, Missouri, Mississippi, Pennsylvania, and SC.
The most active corn futures on the Chicago Board Of Trade fell 0.2 percent to $3.85-1/2 a bushel by 0117 GMT, having gained 0.7 percent in the previous session. Corn production would be the third highest on record after last year's record of 15.148 billion bushels and 14.216 billion bushels in 2014. NASS forecasts record-high yields in Alabama, Louisiana, Michigan, Mississippi, New York, Pennsylvania, and SC.
Jack Scoville, the PRICE Futures Group's senior market analyst, says that the report's yields are very high and imply much better crops than what he saw last weekend in central IL. Wheat production is forecast at 1.74 billion bushels, down 25 percent from 2016.
The USDA estimated US production of Spring Wheat other than durum at 402-M bu, down from 423-M in July but well above the average trade estimate of 393-M.
USA durum production was forecast at 50,535,0000 bushels, down 12% from July and down 51% from 104.116 million bushels in 2016.
Analysts polls show wheat production is likely to be revised lower as well with all wheat production expected to fall from 1.76 billion bushels in July to 1.711 billion bushels in August. Corn and soybean futures also declined Thursday. NASS forecasts all cotton production at 20.5 million 480-pound bales, up 20 percent from past year. NASS interviewed more than 21,000 producers across the country in preparation for this report.
Corn, soybean and wheat futures traded sharply lower immediately after the USDA report was released. That survey will take place during the first two weeks of September.