USDA report shows record corn yield, soybean production in 2017

The Department of Agriculture released market-shifting reports on Friday, largely showing robust production in 2017 adding to an already solid amount of stocks on hand around the world. The reports noted records in U.S. corn yield and soybean production, all the while pointing to global stocks that don’t show any signs of providing relief for low commodity prices.In the Department’s annual Crop Production report, soybean production and harvested acreage both hit record amounts in 2017, coming in at 4.39 billion bushels and 89.5 million acres. The average yield came in at 49.1 bushels per acre, a dip of about 3 bpa from 2016’s record.