The prospects for the Illinois corn crop are worsening. The USDA last month projected 116 bushels an acre. A revised estimate Wednesday is 110. Corn farmer Kent Kleinschmidt in Emden, near Lincoln, says it might actually be less.
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"I’m not sure that the state average is low enough yet, also considering that Southern Illinois is, you know, atrocious,” he said. But he says if this is a one-year drought, farmers ought to be able to withstand it. He says the price of $7.69 for December corn (today’s closing price at the Chicago Board of Trade) is OK. Expected corn production in Illinois is 1.39 billion bushels, off 29 percent from last year.