USDA predicts record corn and soybean crop this year
The nation's corn and soybean farmers are on track to produce record crops this year as a mild summer has provided optimum growing conditions.
The U.S. Department of Agriculture has predicted a record soybean crop of 3.8 billion bushels. The USDA said last month the corn crop will be just under last year's record of 13.9 billion bushels, but many market analysts and farmers expect that to be revised upward Tuesday in a much anticipated report.
Technology is also aiding the large harvests with high-yield seeds and planting systems that use GPS.
The harvest forecast has driven corn and soybean prices significantly lower, but it isn't expected to make much of a short-time difference in consumer food prices.