OTHER NEWS - Aug. 26, 1992

Record Corn and Soybean Yields Forecast: The Agriculture Department expects record U.S. corn and soybean yields this year, with production for both crops the highest since 1985. Corn production is forecast to be 17% higher than the previous estimated crop and soybeans 5% higher because of abundant rainfall in major producing states. But the report cautioned, “slow crop development this summer raises the risk of weather-related yield losses this fall.” This concern helped check a downward trend in futures prices that began in early July coinciding with the rainfall. A record spring wheat crop and a larger winter wheat crop have also resulted in supplies being down only slightly from a year earlier. Average season farm prices for wheat are forecast at $2.80 to $3.20 per bushel, compared to $3.00 for the previous season.