Corn, Soybean, Wheat Crops Projected to Come Down, But Supplies Still High in 2017

In its early forecast for crop production, USDA's Outlook for crops lowers corn, soybean and wheat production for the 2017-18 crop year. USDA pegs corn production at 14.065 billion bushels, 7% below a year ago with an average yield of 170.7 bushels per acre, down from last year's record yield of 174.6 bpa. USDA projects corn acreage at 90 million planted acres, down 4 million from 2016. Despite USDA boosting soybean planted acres for this spring by 4.6 million acres to a record 88 million acres, USDA still lowers projected soybean production to 4.18 billion bushels, 3% lower than 2016 with an average yield of 48 bpa, down 4.1 bushels from 2016. Wheat production is projected at 1.837 billion bushels, down 20% from last year with a yield expected at 47.1 bpa, down 10% from last year. Planted wheat acres are projected at 46 million, down 4.6 million from last year. The USDA Outlook is the department's first major forecast of the 2017-18 marketing year, which will be updated in the March 31 prospective plantings report.