September 12, 2019 / 4:16 PM / 2 months ago

USDA lowers U.S. corn, soybean harvest outlooks

CHICAGO, Sept 12 (Reuters) - The U.S. Agriculture Department on Thursday trimmed its forecast for domestic corn and soybean production but said the harvests will still be bigger than average market expectations.

U.S. corn harvest would total 13.799 billion bushels this year, down from the previous forecast for 13.901 billion bushels. Average corn yields were lowered to 168.2 bushels per acre from 169.5 bushels per acre a month ago.

The government pegged soybean production at 3.633 billion bushels, based on an average yield of 47.9 bushels per acre. That compares with its outlook for 3.680 billion bushels of soybeans, based on an average yield of 48.5 bushels per acre last month.

Analysts had expected corn production of 13.672 billion bushels and soybean production of 3.577 billion bushels, based on an average of estimates given in a Reuters poll. Analysts had expected the report to show corn yields of 167.2 bushels per acre and soybean yields of 47.2 bushels per acre. (Reporting by Mark Weinraub)

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