Corn yields for 2012 are projected at 123.4, the USDA reports.That’s devastating — it would be the lowest average yield since 1995 if realised.
Analysts polled by Reuters expect 127.3 bushels per acre.
USDA’s initial July yield forecast was for 146 bushels per acre.
Corn prices instantly jumped to a new all-time high of $8.437 per bushel, above the recent record of $8.2875 per bushel.
Meanwhile, overall corn production is forecast at 10.8 billion bushels, down 13 per cent from 2011.
It’s the lowest production since 2006, and below consensus estimates of 10.929 billion bushels.