WASHINGTON, D.C., U.S. — The U.S. Department of Agriculture, in its Oct. 11 Crop Production report, forecast 2018 U.S. production of corn at 14.778 billion bushels, down 0.3% from 14.827 billion bushels in September but up 1.2% from the 14.604 billion bushels in 2017 and the second highest on record after 15.148 billion bushels in 2016. Soybean production was forecast at a record 4.690 billion bushels, down slightly from 4.693 billion bushels in September but up 6% from 4.411 billion bushels a year ago.

Based on Oct. 1 conditions, average corn yield in 2018 was forecast at a record 180.7 bushels per acre, down 0.6 bushels from September but up 4.1 bushels from 2017. Harvested area was forecast at 81.8 million acres, down slightly from September and down 1.1% from 2017.

The USDA noted that acreage updates for both corn and soybeans were made for several states “based on a thorough review of all available data.”

The average soybean yield based on Oct. 1 conditions was forecast at a record-high 53.1 bushels per acre, up 0.3 bushels from September and up 3.8 bushels from 2017. Harvested area was forecast at 88.3 million acres, down 0.6% from September and down 1.3% from 2017.

The USDA corn production and yield forecasts were below the average of trade expectations of 14.851 billion bushels and 181.8 bushels an acre, respectively. The USDA soybean production and yield estimates also were below the trade averages of 4.733 billion bushels and 53.4 bushels an acre, respectively.

Chicago corn futures were about 5¢ to 7¢ a bushel higher after the report, and soybean futures were up about 3¢ a bushel.