U.S. Corn Production Outlook Beats Estimates on Yield Boost
- Futures fall to lowest since 2014; output to rise to record
- Soybean prices drop as U.S. forecasts biggest crop ever
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U.S. farmers are poised to collect a bigger-than-anticipated corn crop, according to the latest government outlook, as favorable Midwest weather boosts yield potential.
Domestic production will total 15.153 billion bushels in the 2016-17 season, an all-time high, the U.S. Department of Agriculture said in its monthly World Agricultural Supply and Demand Estimates, or WASDE, report released Friday.