The U.S. corn and soybean crops are both slightly smaller than earlier expected, according to Wednesday’s monthly USDA Crop Production report.
Corn is forecast at 12.4 billion bushels, down 1% from last month’s estimate and slightly off 2010’s production. Soybeans are seen at 3.06 billion bushels, also down 1% from last month’s guess and 8% lower than a year ago.
In Ohio, corn is projected at 495.880 million bushels, compared to 2010’s 533.01 million. Average yield = 154 bushels per acre, which was 153 a month ago and 163 a year ago.
Beans in Ohio projected at 208.84 million bushels, compared to 220.32 last year. 46 bushels per acre average yield which equals last month and is close to the 48 bushels per acre last year.
Mike Zuzolo from Global Commodity Analytics goes over the National numbers with Ty Higgins and how they may impact the markets Wednesday.