August 10, 2018 / 4:17 PM / a year ago

USDA boosts forecast for U.S. corn, soybean production

CHICAGO, Aug 10 (Reuters) - The U.S. Agriculture Department raised its outlook for domestic corn and soybean harvests due to good weather during key phases of development, the U.S. Agriculture Department said on Friday.

The increased harvest projection will boost the domestic soybean stockpile even as the trade war with China threatens to shut off the biggest market for the oilseed. Strong demand for corn will keep supplies of the yellow grain in check.

Corn harvest for the 2018/2019 crop year was seen at 14.586 billion bushels, based on an average yield of 178.4 bushels per acre, USDA said in its monthly supply and demand report. USDA predicted soybean production for the 2018/19 crop year at 4.586 billion bushels, with average yields coming in at 51.6 bushels per acre.

Soybean end stocks were forecast at 430 million bushels for the 2017/18 marketing year and 785 million bushels for 2018/19. For corn, 2017/18 end stocks were seen at 2.027 billion bushels and 2018/19 end stocks were seen at 1.684 billion bushels. (Reporting by Mark Weinraub Editing by Phil Berlowitz )

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