WASHINGTON (NAFB) — The recent World Agriculture Supply and Demand report by the Department of Agriculture projects corn and soybean farmers will grow more crop than previously anticipated.
USDA on Wednesday increased 2017-18 corn production to an estimated 14.255 billion bushels and soybean production to 4.26 billion bushels. Corn production came in slightly above the highest pre-report estimates while soybean production came in higher than the pre-report average estimate as well, according to DTN-The Progressive Farmer.
The farm price for the 2017-18 soybean crop was pegged at an average of $9.40 a bushel, a 10-cent bump from last month’s estimate. For corn, USDA estimated an average of $3.30 a bushel, down 10 cents from earlier estimates.
USDA also raised All-Winter Wheat production to 1.279 billion bushels, up 29 million bushels from the June report estimate.