U.S. corn production is forecast at 10.7 billion bushels, down slightly from the September forecast and down 13 percent from 2011 according to a new USDSA crop report out today. The decline represents the lowest production in the United States since 2006.
USDA announced that based on October 1 conditions, yields are expected to average 122.0 bushels per acre, down 0.8 bushel from the September forecast and 25.2 bushels below the 2011 average. If realized, this will be the lowest average yield since 1995.
Soybean production is forecast at 2.86 billion bushels, up 9 percent from September but down 8 percent from last year. Based on October 1 conditions, yields are expected to average 37.8 bushels per acre, up 2.5 bushels from last month but down 4.1 bushels from last year.
