USDA sees higher corn, soybean demand in report

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Posted: Dec 10, 2014 3:09 PM
USDA sees higher corn, soybean demand in report

DES MOINES, Iowa (AP) — Aside from increased demand for corn to make food sweeteners and a boost in soybean exports, few adjustments are found in the U.S. Department of Agriculture's latest crop update.

The U.S. Department of Agriculture did not change in Wednesday's report the number of corn acres planted this year, as some analysts expect it may.

The agency will likely wait until January to make adjustments, because there is still corn in some Michigan and Wisconsin fields.

Currently, the number of acres reported in federal program applications exceeds USDA estimates by about 5 million acres, a larger discrepancy than usual.

Farmers in 22 states including Iowa and Nebraska expect record corn yields this year as part of the anticipated record 14.41 billion-bushel crop. Soybean farmers expect a record 3.96 billion bushel harvest.