Corn production will be 12.1 billion bushels, down from its 12.3 billion estimate last month, the USDA said. The soybean crop is projected to be slightly lower, at 2.93 billion bushels, down from its earlier estimate of 2.97 billion, according to reports.
The corn crop will still reportedly be the second largest on record, even though it would be 8 percent below last year’s harvest. The soybean crop would be 13 percent higher than last year’s and be the fourth largest on record.
The USDA reportedly increased its price estimates for corn and soybeans. It projected the season-average price for corn will be between $5.00 and $6.00 per bushel, up 10 cents from last month, while soybeans will be between $11.60 and $13.10 per bushel, also 10 cents higher.
Meat and poultry producers watch corn and soybean reports closely since the crops are major components of animal feed. Many producers have already seen lower profits because of increase feed prices.
Source: Associated Press