Economy

USDA boosts its guess of Iowa corn production

USDA boosts its guess of Iowa corn production”

January soybeans were up 0.25 cent at 9.9875 US dollars per bushel as of 1600 GMT in the morning trading, December corn was down 0.5 cent at 3.4775 dollars, while December wheat was up 4 cents at 4.3075 dollars. Crop Production report released today shows Iowa corn production is now forecast at 2.54 billion bushels.

9 crop production report, the national corn yield is expected to average 175.4 bushels per acre, up 0.8 bushels from the high in 2016. Harvested area of corn was forecast at 83.1 million acres, unchanged from October and down 4% from a year ago. "So, congratulations to America's corn farmers who have worked so hard to achieve this record yield", he added.

The U.S.D.A. forecast 2017 U.S. production of soybeans at 4,425 million bus.

The average soybean yield was forecast at 49.5 bus an acre based on November 1 conditions, unchanged from October and down 2.5 bus from 2016.

CBOT floor brokers reported that funds bought 2,300 contracts of soybeans while selling 4,100 contracts of corn and 3,200 contracts of wheat. Both estimates are close to the USDA October forecast of 107 million tonnes for soybeans and 95 million tonnes for corn.



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