USDA Forecasts Near-Record Corn, Soybean Yields (ADM, CPO, POT, MOS)
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The U.S. Department of Agriculture’s National Agricultural Statistics Service forecasts a strong growing season for corn and soybean, due to drier, warmer weather, among other things.
Corn production is forecast at 13.0 billion bushels, up 8 percent from last year and down only 0.2 percent from the 2007 record. If realized, this yield will be the highest on record.
Soybean production remains on target for a record-high year and is forecast at 3.25 billion bushels, up 10 percent from 2008.
Stocks that could move on this data:
- Archer-Daniels Midland (NYSE: ADM)
- Corn Products international Inc. (NYSE: CPO)
- Potash Corporation of Saskatchewan (NYSE: POT)
- The Mosaic Company (NYSE: MOS)
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