October 10, 2019 / 4:21 PM / 4 days ago

CORRECTED-USDA trims U.S. corn, soybean production outlook

(Removes reference to lower yields in first paragraph)

CHICAGO, Oct 10 (Reuters) - U.S. corn and soybean harvests will be smaller than previously forecast, with acreage falling from the September outlook, the government said on Thursday.

The U.S. Agriculture Department in its monthly supply and demand report pegged the U.S. corn crop at 13.779 billion bushels, based on an average yield of 168.4 bushels per acre. Soybean production was seen at 3.55 billion bushels, with average yields of 46.9 bushels per acre.

Analysts had forecast corn production of 13.684 billion bushels, corn yields of 167.5 bushels per acre, soybean production of 3.583 billion bushels and soybean yields of 47.3 bushels per acre, based on the average of estimates in a Reuters poll.

The government lowered its outlook for harvested acres to 81.8 million for corn and 75.6 million for soybeans.

A month ago, corn harvest was seen at 13.799 billion bushels on yields of 168.2 bushels per acre and harvested acreage of 82.017 million. USDA’s soybean harvest forecast in September was 3.633 billion bushels, based on an average yield of 47.9 bushels per acre and harvested acres of 75.866 million. (Reporting by Mark Weinraub; Editing by David Gregorio)

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