Corn production this year is forecast at 14.140 billion bushels, 3.360 billion bushels or 31 percent more than the 10.780 billion bushels in 2013, according to USDA’s “World Agricultural Supply and Demand Estimate” report today. Expected corn yield is 158.0 bushels per acre, 5.6 bushels below the weather-adjusted trend yield USDA previously forecast for this year. Planted area is put at 97.3 million acres, little change from the 97.2 million acres last year. Today’s report has the 2013-14 farm corn price ranging from $4.30-$5.10 per bushel, compared with $6.70-$7.10 per bushel for 2012-13.
Soybean production for this year is projected at a record 3.390 billion bushels, 375 million bushels or 12 percent more than last year. Yields are projected at a weather-adjusted trend level of 44.5 bushels per acre, an increase of 4.9 bushels per acre over 2012. Planted area for soybeans for 2013 at 77.1 million acres is essentially unchanged from the 77.2 million acres in 2012. The farm price for soybeans for 2013-14 is expected to be average between $9.50-$11.50 per bushel, compared with an estimated $14.30 per bushel for 2012-13.
