The size of the 2018 corn and soybean crops got a little bigger in USDA’s production report. Corn production is forecast at 14.2 billion bushels, up from 14 billion in last month’s report. USDA left the average corn yield unchanged at 174 bushels per acre. Soybean production is estimated at 4.3 billion bushels, up from 4.2 billion in June. The national average soybean yield is forecast at 48.5 bushels per acre. USDA dropped the U.S. farmgate price for corn and soybeans. The average corn price was put $3.30 per bushel and soybeans went to $8 per bushel.
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