USDA raises corn, soy forecast
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