The USDA Crop Production Report released on Sept. 11 is projecting record U.S. production in 2014 for both corn and soybeans.
Production levels for both crops were increased by about 3 percent in the latest USDA report, as compared to the August USDA report. USDA left the anticipated harvested acres for corn at 83.8 million acres, and for soybeans at 84.1 million acres, which are unchanged from the Aug. 1 estimate.
The USDA report is also estimating record national yield levels for both corn and soybeans in 2014, with increases from the August estimates, and significant increases compared to recent years. The increased corn and soybean yield expectations by USDA are due to very favorable weather conditions in the 2014 growing season in many of the prime corn and soybean production regions of the U.S.
Based on the Sept. 11 report, 2014 corn production is estimated at a record level of 14.4 billion bushels, which compares to a 13.9 billion bushel corn production level in 2013. Total U.S. corn production was 10.8 billion bushels in the drought year of 2012, 12.3 billion bushels in 2011, and 12.5 billion bushels in 2010.....
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