Yesterday, USDA’s National Agricultural Statistics Service (NASS) issued a press release, which stated that; “U.S. farmers are expected to produce the largest corn crop in history in 2007, according to the Crop Production report released today by [NASS]. Corn production is forecast at 13.1 billion bushels, 10.6 percent above the previous record of 11.8 billion bushels set in 2004.
“Based on conditions as of August 1, corn yields are expected to average 152.8 bushels per acre, up 3.7 bushels from last year. This would be second highest corn yield on record, behind the 160.4 bushels per acre produced in 2004. Growers are expected to harvest 85.4 million acres of corn for grain, the most since 1933 and 14.8 million more acres than last year.”