Despite the ongoing drought in much of the US Midwest, the USDA is projecting record corn and soybean production for the 2013/14 crop year.
The department's latest forecast was issued yesterday at its annual Agricultural Outlook Forum.
US corn production is projected to reach 14.35 billion bushels, up 35 percent from last year. Soybean production is pegged at 3.405 billion bushels, up 13 percent from 2012/13.
The agency projects average prices will be significantly lower, with an average corn price of $4.80 per bushel, and an average soybean price of $10.50 per bushel.
Meanwhile, wheat production is forecast at 2.1 billion bushels, down 7.4 percent from last year.