CHICAGO - Commodity brokerage Allendale Inc on Wednesday estimated the U.S. 2016 corn crop at 14.942 billion bushels with a yield of 172.6 bushels per acre (bpa), based on a survey of producers in 31 states.
Allendale projected the 2016 soybean crop at 4.026 billion bushels, with an average yield of 48.5 bushels per acre.
The firm conducted its yield survey August 15-26.
Allendale said it relied on acreage estimates from the U.S. Department of Agriculture to calculate production.
Allendale's corn and soy yields would represent the highest in U.S. history if realized, but both fell below the latest forecasts from the USDA.
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The government this month projected a record-large 15.153 billion-bushel corn crop with an average yield of 175.1 bpa. The USDA put soybean production at a record 4.060 billion bushels with a yield of 48.9 bpa.
The USDA is scheduled to update its harvest projections on Sept. 12.
