USDA forecasts record-high corn, soybean production in 2016

Corn, soybean production forecasts higher than analysts' estimates.

Both U.S. corn and soybean growers are expected to harvest record-high crops this year, according to the “Crop Production” report issued Aug. 12 by the U.S. Department of Agriculture’s (USDA) National Agricultural Statistics Service (NASS). U.S. corn production is forecast at 15.15 billion bushels, while soybean growers are expected to harvest 4.06 billion bushels in 2016. Pre-report trade estimates had corn production at 14.77 billion bushels and soybean production at 3.95 billion bushel

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