The U.S. Department of Agriculture is forecasting record corn and soybean crops this fall that will result in lower prices. The 2014-15 corn crop is forecast at a record 14.03 billion bushels compared to the previous record of 13.925 billion bushels in 2013. Based on conditions as of Aug. 1, yields are projected at a record of 167.4 bushels per acre. This compares to the previous record of 164.7 bushels per acres in 2009.

Area harvested for grain is forecast at 83.3 million acres. The USDA lowered its estimate for season-average price to the range of $3.55 to $4.25 per bushel. The top corn states are forecast to be Iowa at 2.44 billion bushels, Illinois at 2.22 billion bushels, Nebraska at 1.51 billion bushels and Minnesota at 1.34 billion bushels. The USDA forecasts a record 3.8 billion bushels for soybeans.

This exceeds the previous record of 3.4 billion bushels in 2009. Yields are estimated at a record 45.4 bushels per acre compared to the previous record of 44 bushels per acre in 2009. Area for harvest is forecast at a record 84.1 million acres. The season-average soybean prices for 2014-15 are forecast at $9.35 to $11.35 per bushel.