Posted: Jul 11, 2012 6:18 AM by Associated Press
DES MOINES, Iowa (AP) - The Department of Agriculture says farmers are expected to harvest 146 bushels per acre of corn this fall, down 12 percent from the June estimate of 166 bushels per acre.
A widespread drought has burned up the crop in portions of Illinois and Indiana and has reduced yields in other states.
The USDA says the drought has substantially lowered yield prospects across much of the major growing regions. Harvested area was reduced slightly from June.
The U.S. government estimates 1.2 billion bushels of corn supply be left at the end of the year down 698 million bushels from last month's estimate.
The season average farm price for corn is projected at $5.40 to $6.40 per bushel, up sharply from $4.20 to $5 per bushel in June.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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