Good news for those feeding livestock, bad for those raising corn.
Check it out:
On Friday, the USDA pegged corn production tentatively at 13.9 billion bushels in the monthly World Agricultural Supply and Demand Estimates report, up slightly from the 2013-2014 record as higher expected yields more than offset the decline in planted area.
In the report, the USDA forecast corn yield at 165.3 bushels per acre, up 6.5 bushels from 2013-2014. The season-average farm price was projected lower, with a range falling to $3.85 and $4.55 per bushel. This is down from last month’s projected range of $4.50 and $4.80 per bushel.