The crop report released Thursday shows that as of now, 13 states will have record corn production. The U-S Agriculture Statistics Service reports the estimated corn yield for 2013-14 will be 13.8 billion bushels. However, ending stocks are expected to recover and that means prices will drop. The midpoint price range fore 2013-14 is estimated at $4.80. That is $2.10 under the average price for 2012-13.
The U-S Agriculture Statistics Service reports the hot, dry weather in August had a negative impact on the soybean yield. It is estimated the average yield is 41.2 bushels per acre. That is up from the 39.6 bushel per acre yield in 2012-13.