Corn Crop Gets a Boost
Posted: August 12, 2008
The August USDA crop production report has the corn crop recovering even better than expected.
Corn production is now forecast at 12.3 billion bushels - almost five percent higher than predicted last month. Based on conditions as of August 1, yields are expected to average 155.0 bushels per acre, up 3.9 bushels from last year. If realized, this yield would be the second highest on record, behind 2004. Production would be the second highest on record, behind last year when producers harvested the most acres of corn for grain since 1933.
Meanwhile, USDA lowered its yield forecast slightly for soybeans. But, soybean production is still forecast at 2.97 billion bushels, up 15 percent from last year. All wheat production, at 2.46 billion bushels, is virtually unchanged from the July forecast but up 19 percent from 2007.