Corn up, soybeans down in '11 -- USDA
USDA says corn production will be 4% higher than the 2010 crop, while soybeans will be 8% lower this year, according to Thursday's August Crop Production report.
The survey left unchanged from June the corn planted acres figure, at 92.3 million acres. But, Thursday's report did revise the harvested acres estimate, down 1% at 84.4 million acres.
In all, this year's corn crop is tallied at 12.9 billion bushels, USDA says.
This year's soybean crop is forecast at 3.06 billion bushels, down 8% from last year. "Based on August 1 conditions, yields are expected to average 41.4 bushels per acre, down 2.1 bushels from last year. Area for harvest in the United States is forecast at 73.8 million acres, down less than 1 percent from June and down 4 percent from 2010. Planted area for the Nation is estimated at 75.0 million acres, down fractionally from June," according to Thursday's report.