The U.S. Department of Agriculture released Friday its first World Agricultural Supply and Demand Estimates report of the year.
The report estimates that corn producers will harvest 165.3 bushels of corn per acre, up 6.5 bushels from the previous year. Corn acreage is expected to slip to 91.7 million acres, from 95.4 million acres.
The report is the USDAís best guess of agricultural expectations, and weather events might dramatically change the forecasts.
The season-average price for corn was forecast lower, ranging from $3.85 and $4.55 per bushel. It was $4.50 to $4.80 a year earlier.
MORE HBJ HEADLINES
Watchdog: Too few air traffic controllers where needed most A $32B tally, but Boeing's 787 costs don't bother Wall Street Czech airline to buy 16 Boeing 737 Max jets Lockheed Martin separating unit, combining it with Leidos Apple forecasts rare sales drop Obama administration loosens Cuba embargo with new measures