USDA’s lowered its projections for the 2011 U.S. corn and soybean crops, both by 1% from the September estimates.
USDA has corn at 12.433 billion bushels, compared to 12.497 billion a month ago, 12.447 billion a year ago, and the average pre-report guess of 12.492 billion bushels. Yield is pegged at 148.1 bushels per acre, unchanged on the month and potentially down 4.7 bushels from last year. Harvested area is seen at 83.936 million acres, which, if realized, would be down 2.49 million
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