August 12, 2008

USDA Releases Corn Production Forecast

The USDA is forecasting this years corn crop to be the second largest on record, down just 6% from last years record sized crop.

Corn production is forecast at 12.3 billion bushels, down 6 percent from last year but 17 percent above 2006. Based on conditions as of August 1, yields are expected to average 155.0 bushels per acre, up 3.9 bushels from last year. If realized, this yield would be the second highest on record, behind 2004. Production would be the second highest on record, behind last year when producers harvested the most acres of corn for grain since 1933.

This years soybean crop is forecast to be 15% larger than last years crop.

Soybean production is forecast at 2.97 billion bushels, up 15 percent from last year but down 7 percent from the record high production of 2006. If realized, this will be the fourth largest production on record.

Wheat production is also forecast higher than last year. Winter wheat is expected to be up 24% over last year, Duram wheat up 21% and Other Winter wheat up 5%.

Source : USDA NASS

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