With most of this year’s corn and soybeans harvested, the U.S. Department of Agriculture is boosting its expectations for the size of the crops.
An update Tuesday says farmers are expected to produce a record soybean crop totaling 3.98 billion bushels, up 1 percent from last year. That’s based on 95 percent of the crop harvested.
Illinois looks to remain the nation’s leading soybean producer with 550.5 million bushels, followed closely by Iowa.
The corn crop will be the third-largest in USDA records at 13.7 billion bushels, based on 93 percent harvested. Iowa maintains its corn production lead with 2.49 billion bushels.
The abundance is sending downward prices that are already below production costs. Farmers who rent land will struggle to make a profit. Consumers shouldn’t see much effect.