Home   News

USDA Projects Record Corn, Soybean Crops

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.

Source: PortageOnline

Trending Video

Global food industry gathers for World Food Prize

Video: Global food industry gathers for World Food Prize

Foreign dignitaries, trade representatives, government officials, and members of private industry gathered to celebrate the awarding of the World Food Prize. Prior to the Laureate ceremony - a series of speeches and breakout sessions were held under the banner of the Norman E. Borlaug International Dialogue.