The first USDA U.S. corn production projection for the 2016/17 marketing year indicates a 6% increase to 14.430 billion bushels compared to the 2015/16 estimate (13.601 billion bushels) (USDA, WASDE May 2016). If realized, corn production in the new marketing year will surpass the record 2014/15 corn production (14.216 billion bushels) (see Figure 1). This projection is supported by expanded 2016/17 planting intentions. As indicated in the Prospective Plantings report published by USDA on March 31, 2016, U.S. corn producers intend to plant 93.6 million acres in 2016/17, or 5.6 million acres above last year (88 million acres). The report also indicates that Iowa producers intend to plant 13.9 million acres of corn, representing 14.9% of the U.S. prospective planting in the 2016/17 marketing year.
The projected 2016/17 harvested area is up 5.2 million acres to 85.9 million acres compared with the 2015/16 marketing year (80.7 million acres). This projection is based on the historical relationship between harvested and planted area. For the last 10 years, corn harvested area have represented about 91.5% of corn planted area.
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