USDA Raises Corn & Soybean Estimates

Corn production is forecast at 12.2 billion bushels, up 1% from last month but 7% below 2007. Based on conditions as of Oct. 1, yields are expected to average 154.0 bushels per acre, up 1.7 bushels from Sept. and 2.9 bushels above last year. If realized, this will be the second highest yield on record, behind 2004, and production will be the second largest, behind last year.

Soybean production is forecast at 2.98 billion bushels, up 2% from the Sept. forecast and up 11% from last year. If realized, this will be the fourth largest production on record. Based on Oct. 1 conditions, yields are expected to average 39.5 bushels per acre, down 0.5 bushel from last month and down 2.2 bushels from 2007.

All Cotton production is forecast at 13.7 million 480-pound bales, down 1% from last month and down 29% from last year. Yield is expected to average 849 pounds per harvested acre, unchanged from last month but down 30 pounds from the record yield in 2007. ❖