Saturday, October 13, 2007

USDA Report Forecasts Increased Corn Production

The USDA's National Agricultural Statistics Service released its October Crop Report for corn Friday and predicts an even higher corn production forecast than for the 2007 harvest. This is a good sign that the market is responding to increased demand.

Specifically, the report forecasts:
  • Corn production is forecast at 13.3 billion bushels -- up 26 percent above 2006.
  • Yields are expected to average 154.7 bushels per acre, down 1.1 bushels from September but 5.6 bushels above last year.
  • Production would be the largest on record as growers expect to harvest the most corn acres for grain since 1933.
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