USDA has forecast a larger corn crop, but says it’s still the lowest crop since 2006.
On Nov. 9, the USDA reported an improvement in its corn production forecast, but also said that production will still be at its lowest since 2006.
This year’s corn production is forecast at 10.7 billion bushels, up slightly from the October forecast, but down 13% from 2011, the USDA said in its crop production report.
Analysts polled by Dow Jones, on average, expected a forecast of 10.6 billion bushels.
Separately, the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report Friday forecast a U.S. corn yield of 122.3 bu./acre. Analysts had expected 122.1 bu./acre, according to a poll by Dow Jones.
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