The USDA has lowered its 2020 corn and soybean production projections following damaging weather conditions during August in parts of the Midwest.
The department sees corn at 14.9 billion bushels, 2% lower than in August with the department cutting the harvested area estimate by 550,000 acres to 83.473 mmillion because of the derecho storm. The USDA is still expecting a record average yield, now at 178.5 bushels per acre, compared to 181.8 a month ago, and if this crop production guess holds, it would be 9% larger than the 2019 total.
