Corn & Bean Crops Shatter Records

The USDA shocked grain markets Friday with its newest outlook for the corn and soybeans crops that are getting ready to be harvested. The government agency is now projecting record-breaking yields for corn at 175.1 bushels per acre and soybeans at 48.9 bushels per acre.

If these projections come true this fall, the corn and soybean crops will be the largest in US history, adding to the global surplus of grain.

While record yields are a point of pride for the agricultural industry, the overwhelming supply is hurting prices. On Friday’s report, soybean prices dropped as much as 21 cents per bushel, and corn fell to the lowest level in almost seven years.

As of noon Friday, corn for delivery in December was worth $3.24 and November soybeans traded for $9.69.