Source:  Rita Jane Gabbett, MEATINGPLACE.COM, 11/10/09

USDA forecast the U.S. corn crop now being harvested at 12.9 billion bushels, down 1 percent from last month's forecast but still the second-highest on record.

In reports released Tuesday, USDA curbed its average corn yield forecast by 1.3 bushels to 162.9 bushels per acre, which would still be a record yield. The slightly reduced crop forecast resulted in a 47 million-bushel decrease in expected ending stocks on Sept. 1, 2010, to 1.625 billion bushels.

USDA boosted its average corn price forecast for the 2009-2010 marketing year, which began Sept. 1, to a range of $3.25 to $3.85 per bushel from a range of $3 to $3.65 per bushel forecast a month ago.

Soybeans

USDA boosted its soybean forecast to a record 3.32 billion bushels, up 2 percent from the October forecast and up 12 percent from last year, based on an expected record average yield of 43.3 bushels per acre.

The higher crop forecast boosted USDA's projected ending soybeans stocks on Sept. 1, 2010, to 270 million bushels from 230 million bushels forecast a month ago.

USDA increased its average soybean price forecast for the 2009-2010 marketing year to a range of $8.20 to $10.20 per bushel from a range of $8 to $10 a month ago. USDA raised its average soybean meal price forecast to a range of $250 to $310 per short ton from a range of $245 to $305 per short ton last month.

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