By Commodity News Service Canada
WINNIPEG, Sept. 12 (CNS Canada) – Crop production reports released Sept. 12 by the United States Department of Agriculture show U.S. corn production at 14.2 billion bushels, which is down six per cent from last year, but up less than one per cent from the August forecast.
The report warned that some adjustments would be required in the October report because of areas left unaccounted for due to hurricanes in the southern U.S., but it still predicted average corn yields of 169.9 bushels per acre, compared to 169.5 bu./acre in the August report. Harvest acreage was forecast at 83.5 million acres.
Australia has cut its wheat forecast for 2017-18 by almost 10 per cent as dry weather continues to hammer key wheat-growing regions. The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) reduced the expected production to 21.64 million tonnes, down from its March forecast of 23.98 million tonnes and an August forecast of 23.5 million tonnes.
Corn futures at the Chicago Board of Trade fell almost three per cent, following the USDA release of updated corn production estimates, which raised average expected yields to 169.9 bu./acre from 169.5 bu./acre in its August estimate. Most analysts expected a reduction.
The December contract was down 6 cents U.S. to US$3.51.5 per bushel. The March contract also fell 6 cents U.S. to US$3.63.75 per bu. and May was down 5.5 cents U.S. to US$3.72 per bu.