UPDATE: USDA Sees 2016 - 17 Corn Output at Record, Expects to Beat Estimates (DE) (AGU)

August 12, 2016 12:04 PM EDT

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(Updated - August 12, 2016 12:10 PM EDT)

USDA: 2016 - 17 corn output seen at record, beating estimates.

On watch include: AGCO Corp. (NYSE: AGCO), Agrium (NYSE: AGU), Deere & Co. (NYSE: DE), and PotashCorp (NYSE: POT).

UPDATE - More from the report below:

Corn production is forecast at 15.2 billion bushels, up 11 percent from last year. Based on conditions as of August 1, yields are expected to average 175.1 bushels per acre, up 6.7 bushels from 2015. If realized, this will be the highest yield and production on record for the United States. Area harvested for grain is forecast at 86.6 million acres, unchanged from the June forecast, but up 7 percent from 2015.

Soybean production is forecast at a record 4.06 billion bushels, up 3 percent from last year. Based on August 1 conditions, yields are expected to average a record 48.9 bushels per acre, up 0.9 bushel from last year. Area for harvest in the United States is forecast at a record 83.0 million acres, unchanged from the June forecast but up 1 percent from 2015. Planted area for the Nation is estimated at a record 83.7 million acres, also unchanged from June.

All cotton production is forecast at 15.9 million 480-pound bales, up 23 percent from last year. Yield is expected to average 800 pounds per harvested acre, up 34 pounds from last year. Upland cotton production is forecast at 15.3 million 480-pound bales, up 23 percent from 2015. Pima cotton production is forecast at 565,000 bales, up 30 percent from last year.

All wheat production, at 2.32 billion bushels, is up 3 percent from the July forecast and up 13 percent from 2015. Based on August 1 conditions, the United States yield is forecast at 52.6 bushels per acre, up 1.3 bushels from last month and up 9 bushels from last year.



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