Corn production is forecast at 10.7 billion bushels, down slightly from the September forecast and down 13 percent from 2011. This represents the lowest production in the United States since 2006. Based on conditions as of October 1, yields are expected to average 122.0 bushels per acre, down 0.8 bushel from the September forecast and 25.2 bushels below the 2011 average. If realized, this will be the lowest average yield since 1995. Area harvested for grain is forecast at 87.7 million acres, up less than 1 percent from the September forecast and up 4 percent from 2011. Acreage updates were made in several States based on administrative data.
Corn futures for December delivery rose 4.7 percent to $7.715 a bushel at 10:32 a.m. on the Chicago Board of Trade, heading for the biggest gain since Sept. 28. The price earlier touched $7.7425, the highest since Sept. 17.
Soybean production is forecast at 2.86 billion bushels, up 9 percent from September but down 8 percent from last year. Based on October 1 conditions, yields are expected to average 37.8 bushels per acre, up 2.5 bushels from last month but down 4.1 bushels from last year. Compared with last month, yield forecasts are higher or unchanged across all States. Area for harvest in the United States is forecast at 75.7 million acres, up 1 percent from September and up 3 percent from last year. Acreage updates were made in several States based on administrative data.
November soybeans jumped 23 3/4 cents higher to $15.47.
All cotton production is forecast at 17.3 million 480-pound bales, up 1 percent from last month and up 11 percent from last year. Yield is expected to average 795 pounds per acre, up 5 pounds from last year. Upland cotton production is forecast at 16.6 million 480-pound bales, up 13 percent from 2011. Pima cotton production, forecast at 657,000 bales, was carried forward from last month.