August 14, 2014
The U.S. Department of Agriculture’s Crop Production report issued Aug. 12 predicts record corn and soybean crops in 2014 thanks to favorable weather.
U.S. corn farmers are expected to produce 14 billion bushels, up 1 percent from the record set in 2013. The soybean crop is predicted at a record 3.82 billion bushels, a 16-percent increase from 2013.
Cotton production is forecasted to increase 36 percent over 2013, with a total of 17.5 million bales, which weigh 480 pounds. The wheat crop is expected to be down 5 percent from last year.
While yields are forecast to hit record highs, prices are bottoming out.
Corn prices recently hit $3.60 a bushel, their lowest level in four years and dramatically lower than the $8 a bushel price reached in 2012. Soybeans were traded below $11 a bushel Aug. 12, also the lowest since 2010.
For cotton, expected high yields and depressed Chinese demand has prices at their lowest in more than five years, around 60 cents a pound.