USDA cites bigger yields in raising corn, soy crop estimates

USDA on Friday raised its estimate for corn and soybean production, citing record or near-record yields. Futures fell following the reports.Farmers will harvest 14.586 billion bushels of corn, USDA said in its monthly World Agricultural Supply and Demand Estimates, up 356 million bushels from its July projection while down slightly from last year’s output of 14.604 billion bushels. The national yield per harvested acre is projected at a record 178.4 bushels, the first survey-based estimate of the year. That’s 4.4 bushels higher than last month’s trend-based projection. Record yields are forecast for Alabama, Illinois, Nebraska, Ohio, South Dakota, and Tennessee. The season-average corn price received by producers is down 20 cents at the midpoint at a range of $3.10 to $4.10 per bushel.