A revised forecast published Thursday anticipates even more corn and soybeans in Illinois. The USDA says Illinois corn fields will yield 194 bushels per acre, up from a forecast last month of 188, and last year’s result of 178. “This is gonna be a year that a lot of farmers will remember because it’s gonna be a very good year, from a yield standpoint. Prices? We’re probably 60 percent on price than we were two years ago now, but that’s supply and demand,” said Rod Weinzierl, executive director of the Illinois Corn Growers Association, who says the forecast raises the question of where farmers and elevator operators will put all this corn.
Click here for summary
December corn closed today on the Chicago Board of Trade at $3.41 per bushel, down 4¾ cents on the day. November beans closed at $9.81½, down 12¼ cents. Total production for corn is forecast at 2.289 billion bushels. Soybeans are now expected to yield 56 bushels an acre, up from last month’s forecast of 54. Production will be 562.8 million bushels.