Article taken from The Farm Gate: University of Illinois ExtensionUSDA’s October Crop Report nudged 2007 corn production higher to 13.318 billion bushels, up from 13.308 billion in September. The change results from a new acreage estimate of 93.6 million planted, which is up from the 92.888-million-acre estimate released at the end of June. But USDA also reduced the average yield estimate to 154.7 bu. from the 155.8 bu. in September. The market was looking for a production estimate ranging from 13.232 to 13.600 billion bushels.
USDA’s October Crop Report reduced the soybean production estimate to 2.598 billion bushels, down from the 2.619-billion estimate in September and compared to the trade estimate of 2.648 billion bushels. The lower production estimate was calculated with a new acreage estimate of 63.699 million, compared to 64.081 million estimated in June. Average yield remained at 41.4 bu./acre.