USDA Releases Latest Crop Forecasts for Corn, Soybean, Cotton

The latest Crop Production report from USDA's National Agricultural Statistics Service shows a slight increase in forecast corn production. The latest projection of 13.8-billion bushels is up less than one-percent from the August forecast - but up 28-percent from 2012. If realized - this will be a new record for the U.S. Based on conditions as of September 1 - yields are expected to average 155.3-bushels per acre - up .9-bushels from last month's forecast and 31.9-bushels per acre above the 2012 average. The September yield forecast - if realized - would mark the highest average yield since 2009. USDA pegs U.S. soybean production at 3.15-billion bushels - down three-percent from August - but up four-percent from last year. This would be the fourth largest crop on record if realized. Yields are expected to average 41.2-bushels per acre - down 1.4-bushels from last month - but up 1.6-bushels from last year. The all-cotton production forecast is 12.9-million 480-pound bales. That's a one-percent decline from last month and a decrease of 26-percent from last year. Yields are down 91-pounds from last year at 796-pounds per harvested acre.

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