Soybean production forecast down 7 percent from 2010

Soybean production is forecast at 3.09 billion bushels, up 1 percent from August, but down 7 percent from last year, according to today's U.S. Department of Agriculture (USDA) crop report.

The average soybean yield for the United States is now estimated at 41.8 bushels per acre, up 0.4 bushel from last month but down 1.7 bushels from last year.

For Iowa, production is estimated at 464.6 million bushels, compared to 496.2 million in 2010. Iowa yield estimates are for an average of 51 bushels per acre; this is down 1 bushel per acre from the August forecast but similar to 2010.

USDA estimates for corn production are for a total of 12.5 billion bushels, down 3 percent from the August estimate, but up slightly from 2010. For Iowa, total corn production is estimated at 2.3 billion bushels, compared to 2.15 billion bushels in 2010.

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