U.S. farmers will harvest the first 14-billion-bushel corn crop this fall, breaking the record for corn production by half-a-billion bushels, say estimates from two major companies according to Reuters. A second record crop in two years would drive farm-gate prices to their lowest level in six years. In making their forecasts, The Linn Group and Doane Advisory Services point to balmy conditions across the Farm Belt this summer. Corn and soybeans are in their reproductive stages. USDA will make its first estimates of the crops on Aug 12, based on field surveys.
The Linn Group, a Chicago brokerage, pegged the corn crop at 14.518 billion bushels with a yield of 172.8 bushels an acre. Doane said the crop would be 14.443 billion bushels with a yield of 172.3 bushels an acre. The record crop was 13.925 billion bushels last year. USDA has projected a record crop and yield this year, but under 14 billion bushels.
A record soybean crop also was forecast. The Linn Group estimates 3.849 billion bushels and a yield of 45.8 bushels an acre. Doane says 3.860 billion bushels and a yield of 45.9 bushels an acre. USDA has projected 3.8 billion. The record is 3.359 billion bushels in 2009.