USDA’s latest “Crop Production” report estimates this year’s corn crop at a record 13.989 billion bushels. The previous record was 13.1 billion bushels in 2009.
Corn yields are expected to average 160.4 bushels per acre. USDA lowered its projected season-average farm price range for corn by 30 cents at both ends to a range of $4.10 to $4.90 per bushel. The soybean crop is estimated at 3.26 billion bushels. This would be the third-largest U.S. soybean crop. Yields are expected to average 43.0 bushels per acre. USDA’s estimate for season-average soybean price range for 2013/14 is $11.15 to $13.15 per bushel.