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The projected season-average farm prices for wheat and rice are reduced, but soybean and corn prices are increased, in this month’s World Agricultural Supply and Demand Estimates report released by USDA today.
In its first survey-based crop report, USDA projected that farmers will harvest a record corn crop of 13.76 billion bushels in 2013, up 28 percent from last year and five percent larger than the previous record crop.
USDA’s corn production projection, although a record high, was lower than analysts’ expectation of 13.89 billion bushels, causing the short-term increase in price. USDA said it expects farmers will achieve a national average yield of 154.4 bushels per acre for the third-highest yield on record, despite farmers experiencing one of the slowest, wettest planting seasons on record.
“America’s farmers have again risen to the challenge of producing abundant feed, food, and fuel for consumers around the world,” said Bob Dinneen, president and chief executive officer of the Renewable Fuels Association. “After the disappointment of last year’s drought-stricken crop, farmers have responded by producing what is likely to be the largest crop of all time.”