USDA forecasts lower corn and soybean production
...The average yield for corn was forecast at 122.8 bushels per acre this year, down slightly from the August prediction. Once harvest is complete, if the average corn yield comes in at 122.8 bushels per acre, it would be the smallest average yield since 2003.
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Globally, USDA is still projecting the second-largest corn crop in history. Production in Argentina is up more than 30 percent over last year, while Mexico increased output 19 percent, South Africa 17 percent, Canada 9 percent, and China 4 percent.
At 2.71 billion metric tons, USDA is also expecting the total 2012-13 grain supply (coarse grains, wheat and rice) to be the second-largest ever...
RFA President Bob Dinneen said the USDA crop production report confirmed that farmers are likely to harvest the eighth-largest corn crop on record this fall, despite enduring the worst drought conditions in more than 50 years.
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He said that it's "truly remarkable" that even in the face of the worst drought in 50 years and the hottest July in recorded history, U.S. farmers were able to produce a corn crop of this size.
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