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USDA: Expected corn yield lower than 2014

Published:Thursday | August 13, 2015 | 10:44 AM

The United States Department of Agriculture says farmers are expected to produce 13.7 billion bushels of corn this year, down four per cent from last year's record.

However, it still would be the third-highest annual production on record in the US.

The USDA monthly crop update was released Wednesday and said farmers are expected to harvest 81.1 million acres of corn.

Iowa, the nation's top corn producer, is projected to harvest 2.43 billion bushels, up 2.8 per cent from 2014. And Nebraska's production will increase 3.8 per cent to 1.66 billion bushels. Illinois' corn production will fall nearly 15 per cent due to heavy rains in June and July.

Meanwhile, soybean production is forecast at 3.92 billion bushels, down one per cent from 2014. Illinois, the leading soybean grower, will see a 2.5 per cent drop.

On Thursday, grain futures were mostly higher in early trading on the Chicago Board of Trade.

Wheat for September delivery gained 7.50 cents to US$5 a bushel; December corn was 2.50 cents higher at US$370.60 a bushel; December oats were 2.50 cents lower at US$2.37 bushel; while November soybeans gained 7.50 cents to 9.1760 US cents a bushel.