There’s a saying that big crops get bigger. According to USDA’s August Crop Production and World Agricultural Supply and Demand Estimates, the 2018 corn and soybean crops continue to grow.

 

Here are the key numbers:

 

Corn: Production forecast at 14.6 billion bushels, down less than 1% from last year. Based on conditions as of Aug. 1, yields are expected to average 178.4 bushels per acre, up 1.8 bushels from 2017. If realized, this will be the highest yield on record. Area harvested for grain is forecast at 81.8 million acres, which is down 1% from 2017.

 

Soybeans: Production forecast at 4.59 billion bushels, up 4% last year. Yields are expected to average 51.6 bushels per acre, up 2.5 bushels from last year. Harvested area is forecast at 88.9 million acres, which is down 1% from 2017.

 

Both corn and soybean prices dove after USDA increased each crop’s national average yield. Farmers and traders quickly questioned the yield estimates.

 

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