USDA boosts its guess of Iowa corn production

The U.S. Department of Agriculture raised its average corn yield estimate to 175.4 bushels per acre which if it holds would be a new record

The yield will also be down from 2016 at 46 bushels per acre.

1 conditions, average corn yield in 2017 was forecast at a record 175.4 bushels an acre, up 3.6 bushels from October and up 0.8 bushels from 174.6 bushels an acre in 2016, the previous record. The increase resulted from a 298-million-bu increase in forecast 2017 corn production, at 14,578 million bus, partially offset by a 75-million-bu increase in 2017-18 feed and residual use at 5,575 million bus, and a 75-million-bu increase in forecast exports at 1,925 million bus.

USDA did not revise the average farm price range of $2.80 to $3.60 per bushel. The most recent USDA forecast calls for the state's farmers to harvest 187.96 million bushels this fall-up from last month's prediction of 184.15 million bushels.

Trade analysts expected soybean yield estimates to come in slightly lower, but USDA left them unchanged, at 49.5 bpa. This means the 2017 corn crop would be 14.6 billion bushels, almost 300 million bushels larger than expected just last month. "USDA also increased its forecast of Brazilian production, though it's still too early to be making real judgements there".

Chicago Board of Trade corn futures eased for a third straight session on Tuesday on rising supplies from an advancing US harvest and on expectations that the US Department of Agriculture will raise its yield forecast later this week, traders said.

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Still, the January soybean contracts are above the 200-day, 100-day and 50-day moving averages, which will provide support to the market.

The U.S.D.A. forecast the carryover of all wheat on June 1, 2018, at 935 million bus, down 25 million bus from its October forecast due to a like increase in exports, forecast at 1,000 million bus.

The USDA forecast soybean carryover on September 1, 2018, at 425 million bus. That was 41% lower than last week and down 53.8% from this week a year ago.

The next round of WASDE and Crop Production reports will be released on December 12.

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