USDA Finds More Soybeans and Cotton, Less Corn

USDA trimmed its corn production forecast again Thursday. The 10.7-billion bushel forecast represents a 13-percent decline from 2011 and the lowest production in the U.S. since 2006. Yields are expected to average 122-bushels per acre - down .8-bushel from last month's forecast and a whopping 25.2-bushels below the 2011 average. If realized - the average yield would be the lowest since 1995. USDA increased the soybean production forecast from September. The 2.86-billion bushel forecast is down eight-percent from last year - with yields expected to average 37.8-bushels per acre. That's an increase of 2.5-bushels from last month - but 4.1-bushels less per acre than last year. The all cotton production estimate is up one-percent from last month and 11-percent from 2011. USDA expects 17.3-million bales on an expected average yield of 795-pounds per acre. That's up five-pounds from last year.

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