USDA revises corn yields to six-year lowUSDA revises corn yields to six-year low

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 percent, from $5.90 per bushel to $8.20 per bushel. Adding to the bad news, Pro Farmer’s Midwestern crop tour resulted in a projected corn yield of 120.25 BPA and total output of 10.48 billion bushels, both below the USDA estimates. 


The USDA raised both 2012-2013 U.S. wheat supplies and pro...