August 2016 -- Crop Market Update

USDA’s annual August Crop Production report provides the first survey-based estimate of corn and soybean yields in the U.S. The August 12, 2016 Crop Production report forecast the 2016 U.S. average corn yield at 175.1 bushels per acre (bpa) and total corn production at 15.1 billion bushels. The yield estimate was 4.5 bpa above the average trade guess of 170.6 bpa and was 10.9 bpa above the trend yield forecast of 164.2 bpa.

For soybeans, USDA’s report forecast the 2016 U.S. average soybean yield at 48.9 bpa and total soybean production at 4.06 billion bushels. The yield estimate was 1.4 bpa above the average trade guess of 47.5 bpa and was 3.9 bpa above the trend yield forecast of 45 bpa. Not only were the yield and production forecasts for corn and soybeans record highs, they were well above the average trade guesses.