The USDA reportedly said this year's corn production is now estimated to be 12.2 billion bushels, up from September's estimate of 12.1 billion.
Soybean production has been projected to be 2.98 billion bushels, higher than last month's forecast of 2.93 billion bushels.
The corn crop benefited from September rains that "brought much needed moisture" to many corn-growing regions, the department reportedly said.
Stockpiles of corn and soybeans are expected to be higher at the end of this year. Corn stocks are projected to be 1.15 billion bushels, up from last month's estimate of 1.02 billion bushels, while soybean stocks are projected to come in much higher, at 220 million bushels, up from 135 million.
The increased supplies likely will lead to lower prices, according to reports. The department lowered its estimate for the season-average price for corn to a range of $4.20 to $5.20 per bushel, down 80 cents from last month's range.
Source: Associated Press
Tom Egan, vice president, Industry Services/Membership, for PMMI, adds his thoughts on how FSMA will impact meat processers and what equipment suppliers are doing to present more sanitary design options.
The Sourcebook is an exclusive buyer’s guide and reference tool for product and supplier information in the meat, poultry and seafood marketplace.
A complete reference guide to supplies. Go to NP's Sourcebook now to check out the latest and greatest in the meat and poultry processing business.
More
