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Farmers will harvest 13.641 billion bushels of corn in 2012 and a U.S. soybean crop of 3.161 billion bushels, according to projections made by private analytical firm Informa Economics, sources said.
Informa also estimates corn yields at 153.5 bushels per acre, based on harvested acreage of 88.9 million acres. Soybean yields are estimated at 42 bushels per acre, based on harvested acreage of 75.3 million acres.
Informa's corn yield is 1.4 bushels below its previous forecast, but almost 10 bushels below Informa's early season yield forecast. Informa's current corn yield is 12.5 bushels below the 166.0 yield assumed by U.S. Department of Agriculture in its June supply and demand report.
Informa's July state yield forecasts were reduced in nearly 20 states from Informa's early season trend with Kansas reduced the most, down 30 bushels. Other states where yield reductions from trend were near 20 bushels were Indiana, Illinois, Missouri and Kentucky, Informa said in the report according to traders.
Informa reduced yields between 5 and 10 bushels from trend in Ohio, Michigan, Wisconsin, Nebraska, Tennessee, Alabama, Arkansas, Louisiana, Oklahoma and Texas.
The July 1 soybean yield at 42 bushels an acre is down 0.7 bushel from Informa's previous forecast and would be 0.5 bushel above last year. Informa tempered its yield forecast for several states due to this season's below-average start, Informa noted in the report, traders said.
Informa noted conditions have been notably dry and warm in the eastern corn-belt as well as in the southern part of the western corn-belt. The Mid-South also has been dry and warm, stressing soybeans especially in Tennessee where 33 percent were rated in poor to very poor condition, Informa noted in the report, traders said.