Record Corn Production, Prices for 2011-2012; Soybean Production Down, Prices Up

 

Today’s WASDE report released by USDA is predicting record corn production at 13.5 billion bushels, up 1.1 billion from 2010-2011. Prices are also at record highs at $5.50-6.50/bu. Soybean production is expected to be down 44 million bushels from 2010-2011. Prices, however, are up in a range from $12 to $14 bu./acre, compared to a 2010-2011 price of $11.40.