WASHINGTON – The US Dept. of Agriculture in its Jan. 12 Crop Production 2017 Summary estimated corn production at 14,604 million bushels, up 26 million bushels from its November estimate of 14,578 million bushels but down 544 million bushels, or 3.6 percent, from 15,148 million bushels in 2016. Average corn yield was estimated at a record 176.6 bushels an acre, up from 175.4 bushels in November and from 174.6 bushels in 2016.

Soybean production was estimated at 4,392 million bushels, down 34 million bushels from 4,425 million bushels in November but up 96 million bushels, or 2.2 percent, from 4,296 million bushels in 2016. Average soybean yield was estimated at 49.1 bushels per acre, down from 49.5 bushels in November and from a record 52 bushels in 2016.

Meanwhile, the Jan. 12 World Agricultural Supply and Demand Estimates report forecast the carryover of US corn on Sept. 1, 2018, at 2,477 million bushels, up 40 million bushels, or 1.6 percent, from December and up 184 million bushels, or 8 percent, from 2,293 million bushels in 2017.

Soybean carryover on Sept. 1, 2018, was forecast at 470 million bushels, up 25 million bushels, or 6 percent, from December and up 168 million bushels, or 56 percent, from 302 million bushels in 2017.