USDA releases corn, soybean forecast

Costs are set to reflect a variety of factors including late planting and ethanol yield.

The June forecast from USDA predicts the cost of corn to be $3.90-$4.70 per bushel for the 2009-10 harvest, after taking into account the late start of corn planting, diversion of yield to ethanol and projections and exports.

The report states that the projected harvest area has increased to 80.1 million acres and 72% of the crop was seen to be "good or excellent." The USDA also foresees a strong demand for soybean with prices expected to hit $335 per metric ton.

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