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Recent USDA projections for a larger U.S. corn crop also came with projections for increased global demand, says Chad Hart, Iowa State University agricultural economist. As a result, the outlook for future corn prices remains steady with a chance for improvement.
"Up until last week, we were on a record corn-planting pace and USDA took that into account in its latest supply and demand reports," says Hart. "USDA now projects U.S. corn yields to average 163.5 bu./acre in 2010, or about 21/2 bu./acre more than the yearly trend increase, which would be 160.9 bu./acre."
Despite...