USDA forecasts huge corn, soybean harvest, but farmers see little benefit as prices stay low

USDA forecasts record soybean, big corn harvest

DES MOINES, Iowa — Record harvests are being forecast for corn and soybean farmers despite earlier concerns over a cool growing season.

The National Agricultural Statistics Service released its latest report on the corn and soybean crop Friday, forecasting record yields for corn and record production for soybeans.

Corn production is estimated at 13 billion bushels, up 8 percent from 2008. If true, it will be the second highest production since 2007, when 13.04 billion bushels were harvest.

Yields are forecast to average a record 164.2 bushels per acre, up more than 10 bushels from 2008.

A record 3.25 billion bushels is forecast for soybeans, up 10 percent from 2008. Yields are expected to average 42.4 bushels per acre, the third highest on record.