USDA has increased its estimate of both the corn and soybean crops this month, building on already forecast record highs.
Corn production is forecast at 14.4 billion bushels, up 3 percent from both the August forecast and from 2013 and yields are expected to average 171.7 bushels per acre, almost 13 bushels an acre higher than last year. Soybean production is forecast at a record 3.91 billion bushels, up 3 percent from August and up 19 percent from last year.
National Corn Growers Association Vice President of Public Policy Jon Doggett commented during a press call for Fuels America: Jon Doggett, NCGA comments on corn crop
Jack Scoville of the PRICE Futures Group commented on the numbers during the Minneapolis Grain Exchange crop call: MGEX crop report conference call