Policy- Budget Issues: CBO Update, “Sequester” Analysis
Reuters writer Charles Abbott reported yesterday that, “U.S. farmers will plant huge amounts of corn and soybeans this year, producing a record corn crop and ending three years of razor-thin supplies barring weather problems, the U.S. Congressional Budget Office projected on Tuesday.
“The CBO projected a corn crop of 14.454 billion bushels [see page nine of “CBO’s February 2013 Baseline for Farm Programs”] , which would be the biggest ever, and a soybean crop of 3.306 billion bushels [see page 11 of the Farm Program Baseline], the third-largest on record.
“The projections assume a return to normal weather and higher yields despite the lingering effects of the 2012 drought – the worst in 56 years.”