Doane sees whopper corn crop

Reuters —  Doane Advisory Services on Friday forecast U.S. 2014 corn production at a record-high 14.443 billion bushels with an average yield of 172.3 bushels per acre, following its annual crop tour.

“This is clearly the best corn crop we have seen in our rather long history of crop tours,” the firm said in a note to clients. Doane has conducted its Midwest tour for 31 years.

The St. Louis-based firm’s estimates are above the U.S. Department of Agriculture’s current forecast for corn production at 13.860 billion bushels with a yield of 165.3 bushels per acre.

Doane projected the U.S. 2014 soybean crop at a 3.860 billion bushels, with an average yield of 45.9 bushels per acre.

The soybean figures compare with USDA’s forecast for a 3.800 billion-bushel crop, which would be the largest in U.S. history, with a yield of 45.2 bushels per acre.

The USDA plans to issue updated crop forecasts on Aug. 12.