USDA cuts corn, soybean crop estimates

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USDA lowered its crop forecasts for both corn and soybeans in Monday’s “Crop Production” report.

Corn production is forecast at 12 billion bushels, which is down slightly from last month’s estimate and 8 percent below 2007. Yields are expected to average 153.8 bushels per acre, down 0.1 bushel from October, but 2.7 bushels above last year. If realized, it would be the second highest yield on record behind 2004, and the second largest crop behind last year.

Soybean production is forecast at 2.92 billion bushels. That is down less than 1 percent from the October estimate, but up 9 percent from last year. If realized, it would be the fourth largest crop on record. Yields are expected to average 39.3 bushels per acre, down 0.2 bushel from October and 2.4 bushels less than 2007.

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