Corn production is forecast at 14.4 billion bushels, up 3% from both August and 2013, while soybean production is anticipated at 3.9 billion bushels, up 3% from August and 19% from 2013. The California Navel orange production for the 2014-2015 timeframe was pegged at 1.62 million tons, dropping 4% from the previous season, says a USDA report.
Forecasters say there’s a heat dome over the Corn Belt, and soybean prices are nearing record totals. Food inflation fears and fuel worries continue. The drought is affecting 55% of the land mass in the lower 48 states.