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News
USDA Issues Fall Harvest Estimates
Posted 14 August 2008
USDA officials earlier this week
announced American farmers are on pace to possibly produce the second
largest corn crop and fourth largest soybean crop in history.
The better than expected harvest, following a year plagued early by
flooding, may lead to lower grain prices.
After conducting field visits and farmer surveys, the U.S. Department
of Agriculture increased its initial estimate of corn production,
reporting that almost ideal weather conditions in July helped
Midwestern farmers recover from June's devastating floods.
News of a larger than expected harvest is expected to lead to lower
prices for corn, soybeans and wheat. That may provide some relief to
meat producers who use corn and soybeans for feed, for makers of
corn-based ethanol and maybe even for shoppers at supermarkets.
The USDA predicts farmers will harvest 12.3 billion bushels of corn, up
more than 570 million bushels from last month's estimate of 11.7
billion. That's down 6% from last year's record crop of 13.1 billion
bushels, but 17 % above the 2006 harvest.
Average corn prices this year are expected to drop to $4.90 - $5.90 per
bushel, down 60 cents from last month's forecast of $5.50 - $6.50.
Corn prices soared to record levels near $8 after the floods, but
cooler, wetter weather since then will boost corn yields to 155 bushels
per acre, up from last month's estimate of 148.4, the department said.
Corn prices have already dropped to almost $5 per bushel, still higher
than in 2006, when a bushel cost $2.
USDA officials have lowered its estimate for the soybean harvest this
fall to 2.97 billion bushels from 3 billion last month.
Soybean prices are still also expected to fall to $11.50 - $13 per
bushel, down 50 cents from $12.00 - $13.50 last month.
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