WASHINGTON, Oct. 10, 2014 -- USDA is once again raising its forecast for the corn and soybean crops to even higher record levels.
The corn harvest will total 14.475 billion bushels, up from 14.395 billion projected in September, and 3.9 percent bigger than the previous record crop of 13.925 billion bushels in 2013, USDA said today in a monthly report. Farmers are expected to reap about 174.2 bushels from each harvested acre, also a record and an increase of 2.5 bushels per acre from the month-ago forecast. If realized, corn yields would be up more than 15 bushels from the 2013 average.
The soybean crop was estimated at 3.927 billion bushels, up 14 million bushels from the September forecast and 17 percent bigger than last year's 3.358 billion bushels of production. Yields will reach a record 47.1 bushels per acre, USDA said.
For corn, farm-gate prices will average about $3.40 a bushel for the crop year that began Sept. 1, down from $3.50 predicted in August and $4.46 in the previous year, USDA said.
For soybeans, prices will average about $10 a bushel, unchanged from the month-ago forecast and down from $13 a bushel in the previous year. The soybean carryover, or unsold supplies at the end of the marketing year, is forecast at 450 million bushels, down from the 475 million bushels predicted a month ago but up from the record low of 92 million bushels at the end of 2013-2014.
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