Is there a crisis?
Record drought, heat slashed Iowa corn, soybean yields
...Looking ahead, the USDA at its annual Outlook Forum [for 2013] on Friday forecast U.S. corn supplies will more than triple, following a record large harvest in the fall, as strong competition from Brazil and Argentina limit U.S. exports and ethanol production stays flat.
The USDA projected a corn crop of 14.53 billion bushels, up 35 percent from the drought-slashed crop of 2012, assuming normal weather and yields. The agency estimated prices for corn will tumble by 28 percent to $4.80 a bushel.
The U.S. soybean crop is projected at a record 3.4 billion bushels this year, a 13 percent increase from 2012′s drought-hit crop, according to the USDA. With the larger crop, soybean use was forecast to rise by 3 percent. The USDA estimated season-average soybean prices will range from $13.55 to $15.05 per bushel, up 5 cents on both ends of the range from 2012...