Tuesday, August 12, 2008

USDA Projects Second Largest Corn Crop Ever

From CattleNetwork:

This morning’s USDA Crop Production Report showed farmers are on pace to produce the second largest corn crop in history. Corn production is forecast to reach 12.3 billion bushels, down 6% from last year’s record, but 17% larger than the 2006 crop.

Based on August 1 conditions, 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, trailing only 2004. USDA’s National Ag Statistics Service (NASS) reported growers are set to harvest 79.3 million acres of corn for grain, down 8% from last year.

The July price break in corn was the largest in history. Some of the price pressure, according to market analysts, was due to expectations for a larger crop than indicated on the July estimate....MORE

Corn was trading under five bucks, $4.93 down 4.2 cents
Soybeans were up ten cents at $12.25
Wheat was down 13.6 cents on a couple reports:

Russia: Bumper Wheat Crop Forecast For 2008/09
EU-27: Bumper Wheat Crop Being Harvested In Europe