Record soybean, corn output forecast
Washington, September 10, 2009
The US Agriculture Department is expected to raise its already record forecast for soybean production and also push up corn output near a record.
The department is scheduled to provide updates of forecasts for the coming harvest tomorrow.
The analysts' expectations are based on good weather the last month as crops mature.
Chicago Board of Trade futures prices for soy hit a five-month low last week and corn an eight-month low as crop prospects improved.
The Agriculture Department has already projected farm-gate prices for soybeans next year would average $8.40-$10.40 a bushel, from $10 this season, and corn $3.10-3.90 next season, from $4.00-4.10. Those estimates may ease further in Friday's USDA report. -Reuters