Sept. 12, 2012 - The U.S. Department of Agriculture has released its crop forecast, and have cut corn and soybean forecasts, but not as low as was predicted.
According to the report, which can be downloaded here, the USDA has cut its corn forecast to 122.8 bushels an acre from the 123.4 bushel prediction in August. As well, total corn production was forecasted to fall by less than 0.5 per cent from its August estimates, resulting 10.727 billion bushels.
However, these cuts were lower than expected, as decreases of up to 4 per cent were expected.
Global soybean predictions were decreased by 1 per cent from August numbers (down 4.2 million tons), while global wheat is expected to be 3.1 million tons lower and rice is expected to be slightly up from August predictions, but still 3.5 million lower than the previous year.
For more information, please see the complete report here.
Photo provided by the U.S. Department of Agriculture