At its annual Outlook Forum, USDA is projecting record crops for corn and soybeans in 2013 thanks to expectations for better growing conditions than in 2012.
The Ag Department sees corn at 14.53 billion bushels with planted area of 97.2 million acres and an average price of $4.80 per bushel for the 2013/14 marketing year.
Soybeans are pegged at 3.405 billion bushels with planted area at 77.5 million acres and an average price of $10.50 per bushel.
Wheat’s projected at 2.1 billion bushels with planted area of 56 million acres.
Still, the estimates are made assuming normal weather conditions and are based on USDA analysis, not farmer surveys.
USDA’s 2013 prospective planting report is out March 28 and weekly crop progress numbers resume April 1.