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Corn, soybean price outlooks diverge

Corn, soybean price outlooks diverge
With input from the September USDA Crop Production report, also released Sept. 12, the projected season-average farm price for corn was lowered 10¢ at both ends of the range, to $4.40-$5.20/bushel. The U.S. season-average soybean price for 2013/14 is forecast at $11.50-$13.50/bushel, up $1.15/bushel on both ends of the range. Soybean meal prices are projected at $360-$400/ton, up $55/ton at the midpoint.
The Crop Production report forecasts 2013 corn production at 13.8 billion bushels, a new U.S. production record. Yields are expected to average 155.3 bushels per acre. Area harvested for grain is forecast at 89.1 million acres, unchanged from the August forecast but up 2% from 2012.
Soybean production is forecast at 3.15 billion bushels, the fourth largest harvest on record. Area for harvest is forecast at 76.4 million acres,  the second largest harvested area on record. Yields are expected to average 41.2 bushels per acre.
 All cotton production is forecast down 1% from last month and down 26% from last year. As a result, the cottonseed harvest was estimated at 4.291 million tons, down about 2% from August’s estimate and the smallest cottonseed harvest since 2009.