Lackluster corn prices didn’t get any help from USDA’s latest yield and production estimates.
Corn yields were boosted two percent from the September estimate, and production is estimated at 14.6 billion bushels., above pre-report estimates. The USDA is expecting the corn yield to reach a record 175.4 bushels per acre, more than three bushels higher than the October report.
On the other hand, the soybean forecast was slightly trimmed. Production is estimated to be 4.4 billion bushels, a one percent decline from October. Yield was unchanged from last month’s report with the ag department expecting soybeans to yield 49.5 bushels per acre.
Producers and traders are wondering how this potential record-breaking corn crop will impact the markets.
Pro Farmer newsletter Brian Grete shares his perspective on AgDay above.