November Crop Report: Corn & Soybean Production Estimates Raised SlightlyFriday, November 9, 2012
(American Meat Institute)
USDA has slightly raised corn production estimates by 19 million bushels with a 0.3-bushel increase in the corn yield to 122.3 bushels per acre according to the World Agricultural Supply and Demand Estimates (WASDE) crop report released today. Total production and yield remain the lowest seen since 2006 and 1995 respectively.
The agency also projects corn prices will average $6.95 to $8.25 per bushel, down from a range of $7.10 to $8.50 forecast last month.
Soybean production estimates were also raised slightly by 4 million bushels with prices now forecast at $13.90 to $15.90 per bushel, compared to range of $14.25 to $16.25 a month ago.
The full WASDE report is available here: http://usda01.library.cornell.edu/usda/current/wasde/wasde-11-09-2012.pdf
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