US raises forecast for corn harvest, trims soy crop estimate

The U.S. Department of Agriculture raised its forecast for U.S. corn production and yields on Thursday, surprising traders who expected a decline following a spell of dry summer weather.

Farmers will produce 15.186billion bushels of corn, with an average yield of 183.6bushels per acre, USDA said in a monthly report. In August, the agency pegged production at 15.147 billion bushels, with an average yield of 183.1 bushels per acre.

Analysts surveyed by Reuters expected 15.076 billion bushels, with an average yield of 182.4 bushels per acre.

USDA pegged the nation’s soybean crop at 4.586billion bushels, with an average yield of 53.2bushels per acre, compared to its August estimates for a harvest of 4.589 billion bushels and yield of 53.2 bushels per acre. Analysts had expected no change from last month.
Source: Reuters (Reporting by Tom Polansek)