In its first forecast for the 2014 crop, the United States Department of Agriculture is projecting record corn and soybean crops.
Corn: USDA is projecting a record corn crop of 13.985 billion bushels, which is an increase of approximately 0.4 percent over 2013’s crop of 13.925 billion bushels.
Planted corn acres is projected to drop to 92 million acres, compared to last year’s 95.4 million acres.
However, yields are estimated to increase from last year’s 115.8 bushels per acre to 165.3 bushels per acre.
Ending stocks are projected to increase to 2.111 billion bushels from 1.481 billion bushels.
The average farm-gate price is projected at $3.90 per bushel. Soybeans: The 2014 soybean crop is estimated to reach a record 3.550 billion bushels, up from 3.289 billion bushels.
Planted acreage increases to 79.5 million acres compared to 76.5 million acres.
Yields are projected to decrease to 45.2 bushels per acres from 47.2 bushels. Farm-gate price is estimated at $9.65 per bushel.
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