Private forecasters continue to edge upward their forecasts for the total corn and soybean yields, reversing somewhat the gloomy forecasts of July and August during the heat and dryness of what has been the worst drought to hit the Midwest since 1956.
Informa Economics estimated total U.S. corn production at 11.147 billion bushels, up from the U.S. Department of Agriculture’s September estimate of 10.727 billion bushels.
Informa said the national corn yield will be 127 bushels per acre, an improvement on the USDA yield projection of 122.8 bushels per acre. Informa also put out a final corn forecast for the corn production at 11.147 billion bushels.
U.S. farmers produced 12.36 billion bushels of corn in 2011, 12.45 billion bushels of corn in 2010 and 13.09 bushels in 2009. The USDA had forecast at planting time this year a crop as big as 14 billion bushels, based on a yield of 166 bushels per acre on 96 acres planted.
Informa said Iowa’s corn yield would be 140 bushels per acre,near-identical to the USDA forecast in September of 141 bushels per acre. In 2011 Iowa averaged 172 bushels per acre.
For soybeans, Informa projected a national yields of 37.8 bushels per acre compared to the USDA estimate of 35.3 bushels. That adds to a national production of 2.860 billion bushels versus the USDA estimate of 2.634 billion bushels.
Iowa’s soybean yield was put at 42 bushels per acre, an improvement on the USDA’s forecast of 39 bushels per acre for Iowa. Last year Iowa averaged 50.5 bushels per acre for soybeans.
The Iowa estimates would put the cash value of Iowa’s 2012 corn crop, based on the Chicago Board of Trade closing price of $7.48 per bushel Friday, at $14.26 billion...
Source: Argentine Beef Packers S.A.
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