In the U.S. Department of Agriculture’s August report, the agency confirmed what everyone suspected — that this year’s corn crop is an “official” disaster. The USDA dropped corn yields to just 123.4 bushels per acre, or BPA, down from a pre-drought 166-BPA forecast just two months earlier. Corn production for 2012-2013 was cut by 17 percent to 10.8 billion bushels, the lowest since 2006-2007. The USDA’s 2012-2013 corn price forecast was bumped by 39 ...
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