The U.S. Department of Agriculture (USDA)is projecting this year’s corn crop to be a record-high 13.8 billion bushels. This would be 28% over last year’s crop. The forecast estimates 97.4 million acres planted to corn and an estimated corn yield of 154.4 bushels per acre. This would be the third-highest yield on record. However, USDA’s estimates were below what was expected by the grain trade.

USDA projected the season-average farm price for corn at $4.50 to $5.30 per bushel.Soybean production is forecast at 3.26 billion bushels, up 8% from last year. The latest estimate was below last month’s estimate of 3.42 billion bushels. USDA reduced it yield forecast to 42.6 bushels per acre from 44.5 bushels per acre a month ago. The season-average soybean price estimate for 2013/14 is forecast at $10.35 to $12.35 per bushel