News Summary: USDA predicts record corn harvest

AP News

5/10/2012 1:50:16 PM - AP News

CORN POPPING: The U.S. Agriculture Department predicted a record corn harvest of 14.8 billion bushels and a record yield of 166 bushels per acre. However, a number of issues such as a hot, dry summer could affect the crop before harvest.

PRICE BREAK? Consumers may get a break from higher food prices if the forecast proves true. Corn futures would fall and that could result in lower supermarket prices for products that use corn.

GRAINS, BEANS: The forecast calls for a 12 percent increase in wheat production. Soybean production also should expand but supplies are expected to remain tight.