The USDA yesterday today reported that the average corn yield for the 2008 crop is estimated at 153.9 bushels per acre, up 3.2 bushels per acre above 2007. The 2008 yield is the second highest on record behind 2004, and overall production is also the second largest, at 12.1 billion bushels, just behind 2007.

"The reports that came out of USDA today demonstrate signs of a strong corn crop and high-ending corn stocks," NCGA President Bob Dickey said. "These findings demonstrate that all global demands for corn are being met, even with increased demand on ethanol and ethanol production. NCGA is not surprised with these results."

USDA also reported ending corn stocks at 1.79 billion bushels, the largest amount or corn carry-out in three years. The projected season-average farm price for field corn has been lowered to $3.90, down from 2007's $4.20.