Corn Report for June 12

On June 12, 2013, the USDA issued the World Agricultural Supply and Demand Estimates report stating that projected corn production would be lowered 135 million bushels for 2013/2014 due to delayed corn plantings. Despite lowering the corn production estimate, production will still reach 14 billion bushels as ideal growing conditions are developing in the Midwest. This represents a decline of 1% versus the May 15th estimates. The average yield is expected to be 156.5 bushels per acre. The number of acres planted in the U.S. remained unchanged at more than 97 million. Even with the lower forecast, the projected 14 billion bushels will top records set in the 2009/2010 growing season.

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