Tuesday, August 12, 2008

USDA Predicts a Record Corn Crop

USDA Crop Report CornDespite June’s severe flooding in the Midwest, U.S. farmers are on pace to produce the second largest corn crop, according to the Crop Production report released today by the U.S. Department of Agriculture’s National Agricultural Statistics Service (NASS).

Corn production is forecast at 12.3 billion bushels, down 6 percent from last year’s record, but up 17 percent from 2006.

Based on conditions as of August 1, corn yields are expected to average 155 bushels per acre, up 3.9 bushels from last year. If realized, this would be the second highest corn yield on record, behind 2004. Growers are expected to harvest 79.3 million acres of corn for grain, down 8 percent from last year.

This latest forecast from the USDA is a good sign that America's corn crop is resilient and that the market forces are working. Critics have continued to promote a doomsday message of fear. It's a good thing American farmers don't listen to them. Or we'd all have a lot less food to eat.

Source: NASS

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