DES MOINES, Iowa (AP) — The U.S. Department of Agriculture projects a record corn crop this year, topping the previous high by 11 percent.
That could be good news for livestock producers relying on corn for feed and consumers who could see a slight drop in food prices.
For farmers, lower prices are also likely. Corn for December delivery was down 9 cents per bushel Thursday to $5.07. It was trading as high as $6.60 in September.
The USDA expects farmers to turn in 14.8 billion bushels, up 2.4 billion from the current year and 11 percent more than the previous record of 13 billion bushels in 2009.
Farmers are expected to harvest 5 million more acres and get a record 166 bushels per acre, 2 bushels above the average of the last decade.
Copyright 2012 The Associated Press.