U.S. farmers produce record corn, soybean crops

The U.S. Department of Agriculture on Monday confirmed that the nation's farmers produced record corn and soybean crops in 2014.

U.S. average corn yield was reduced by 2.4 bushels per acre to 171 bushels per acre, but still sharply higher than the average yield of 158.1 bushels per acre in 2013.

Corn production was estimated at 14.2 billion bushels, a 191 million bushel decrease from November due to the reduction in average yield estimate.

The record corn crop came even though farmers harvested 83.1 million acres, about 5 percent fewer than in 2013. Record yields were estimated in 21 states.

Corn used for ethanol production was estimated 25 million bushels higher. Corn ending stocks for were estimated 121 million bushels lower than November's estimate, to 1.87 billion bushels.

The season-average price range estimate for corn was raised to $3.35 to $3.95 per bushel.

Soybean production was increased 11 million bushels to 3.97 billion bushels due to a higher average yield per acre. Soybean yield was projected at 47.8 bushels per acre.

Exports for soybeans increased 10 million bushels to 1.77 billion bushels due to record exports in the first quarter of the marketing year.

Soybean ending stocks were unchanged from November, remaining at 410 million bushels.

The season-average price range forecast for soybeans was increased to $9.45 to $10.95 per bushel.

Iowa corn production was estimated at 2.4 billion bushels, up from 2.1 billion bushels in 2013. Average yield was estimated at 178 bushels per acre, up from 164 bushels per acre in 2013.

Iowa soybean production was estimated at 505.7 million bushels, up from 420.8 million bushels in 2013. The average yield was estimated at 51.5 bushels per acre, up from 46.5 bushels per acre in 2013.