Larger Soybean Crop Produced Than Forecast

WASHINGTON (DTN) -- U.S. soybean farmers produced an even larger record soybean crop as USDA increased production to 4.269 billion bushels and increased yield to a projected 51.4 bushels per acre.Corn and soybean production in the monthly World Agricultural Supply and Demand Estimates came in close to the pre-report averages as both crops still remain records. Corn production was pegged at 15.057 billion bushels with a yield of 173.4 bushels per acre.USDA also slightly lowered new-crop ending stocks for corn while increasing ending stocks for soybeans and wheat.CORNProduction was lowered slightly to 15.1 billion bushels, which is still a record and 11% higher than the 2015 crop. Yield was lowered to 173.4 bushels per acre, but also still remains at a record level. Acreage harvested was pegged at 86.8 million acres, up 8% from 2015.USDA stated record yields for corn were expected from Idaho, Illinois, Iowa, North Dakota, South Carolina Washington and Wisconsin.Matching the pre-report average analyst estimate, USDA lowered new-crop corn ending stocks to 2.32 billion bushels, down from a September projection of 2.384 billion bushels.Globally, world corn ending stocks came in at 216.8 million metric tons, which are 2.7 million tons lower than last month's report but the global corn stocks are still projected to be a record high.USDA raised the farm price an average of 5 cents a bushel with the price range from $2.95 to $3.55 per bushel.SOYBEANSProduction is pegged at a record 4.27 billion bushels as USDA increased production from the September report by 68 million bushels. Yield is projected at 51.4 bushels per acre and also was bumped up .8 bushels from the September report. Harvested acres are pegged at a record 83 million acres as well, up 2% from 2015.Citing reasons for the yield bump, USDA noted higher pod counts in 11 major soybean-producing states. USDA stated record yields also were forecast in Illinois, Indiana, Iowa, Kansas, Kentucky, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.USDA raised new-crop ending stocks by 30 million bushels to 395 million bushels, which was below the pre-report average estimate. Ending stocks were raised largely because of a bump in the production total.Global soybean production is projected at a record 333.2 million metric tons, up 2.8 million from last month's report. Higher production was forecast for the U.S., Brazil and Canada, which offset some reductions in Russia.USDA held steady on soybean farm prices with a range from $8.30 per bushel to $9.80 per bushel for an average of $9.05 a bushel.WHEATEnding stocks were raised 38 million bushels as reduced supplies were also offset by lower use. USDA lowered wheat feed and residual use by 70 million bushels. Exports were bumped up by 25 million bushels with USDA citing increased competitiveness of U.S. wheat.Globally, wheat ending stocks came in at 248.4 million metric tons, down 0.7 million metric tons from last month, but still representing record levels for the crop. The stocks still were slightly below the average analysts' expectations.The U.S. farm-gate price for wheat was increased 10 cents a bushel with a price range from $3.50 to $3.90 per bushel.