2016 Crop Estimates Drop from December

The National Agriculture Statistics Service released a host of reports Thursday. The reports show that ample rain and moderate temperatures across the Midwest led to record-high yield and production for corn and soybeans in 2016. U.S. corn growers produced 15.1 billion bushels, up 11 percent from 2015. Soybean production for 2016 totaled a record 4.31 billion bushels, up ten percent from 2015. In the Grain Stocks report, corn and soybean stocks were both estimated to be up ten and seven percent from 2015, respectively. While those numbers are all higher than 2015, they represent a cut from the previous USDA forecast. U.S. corn ending stocks were lowered 48 million bushels from last month's estimate, and soybean ending stocks were lowered 60 million bushels. For 2016, all cotton production was up 32 percent from 2015, at 17 million 480-pound bales. Sorghum grain production in 2016 is estimated at 480 million bushels, down 20 percent from 2015. The Winter Wheat Seedings report shows planted area for harvest in 2017 was estimated at 32.4 million acres, down ten percent from 2016 and 18 percent below 2015. This represents the second lowest U.S. acreage on record.

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