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Corn Crop at Low End of Expectations
WASHINGTON - Oct 12/07 - SNS -- Corn production increased from last month, but was less than expected by traders, judging from the latest USDA crop estimates.
Output is now forecast at 13.3 billion bushels, up slightly from last month and 26% above 2006. Pre-report surveys of traders found they were looking for the harvest to come in at 13.466 billion bushels, with guesses ranging between 13.232 and 13.6 billion.
The USDA said based on conditions as of October 1, yields are expected to average 154.7 bushels per acre, down 1.1 bushels from September but 5.6 bushels above last year. If realized, this would be the second highest yield on record, behind the 160.4 bushel yield in 2004. Production would be the largest on record as growers expect to harvest the most corn acres for grain since 1933.
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