USDA raises corn, soybean forecast - KWWL - Eastern Iowa Breaking News, Weather, Closings

USDA raises corn, soybean forecast

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WASHINGTON (AP) -- The government increased its monthly crop forecast for this year's corn and soybean harvest due to wetter weather, potentially lowering commodity prices.

The U.S. Department of Agriculture says this year's corn production is now estimated to be 12.2 billion bushels, up from September's estimate of 12.1 billion.

Soybean production is projected to be 2.98 billion bushels, higher than last month's forecast of 2.93 billion bushels.

The corn crop benefited from September rains that "brought much needed moisture" to many corn-growing regions, the department said.

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