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Record US Crop Production Forecast Good News for Feed Prices

15 August 2016, at 12:00am

US - The US Department of Agriculture's August Crop Production report, which provides the first official government estimates of the corn and soybean harvests, suggested record yields are on their way for these important feed ingredients.

US corn production is forecast at 15.2 billion bushels, while soybean growers are expected to harvest 4.06 billion bushels in 2016.

Aided by excellent field conditions, corn growers are expected to increase their production by 11 per cent from the 2015 harvest. Average corn yield is forecast at 175.1 bushels per acre, setting a new record-high.

US soybean growers also took advantage of the favourable weather conditions and are forecast to increase their production by 3 per cent from 2015. Soybean yields are expected to average 48.9 bushels per acre, reaching another record-high mark.

Wheat production is forecast at 2.32 billion bushels, up 13 per cent from 2015. The increase is due primarily to winter wheat production. Yields for winter wheat, Durum, and other spring wheat, are all forecast to set record-highs.

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