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Farmers will gather 3.26 billion bushels of soybeans this year, compared with the 3.42 billion bushels forecast in July, following excess rain in May and June that hurt yields, it said.
After weeks of easing prices, the tide may be changing, he said: "Personally, I'm moving toward a buy weakness opposed to selling strength." USDA's survey of farmers and warehouses showed 988 million bushels of corn on hand - 11 per cent less than expected - on September1.
The USDA also cut projected yields for soybeans from a total of 3 billion bushels to 2.7 billion.
At $7.00 per million Btu for natural gas, the cost is an additional $0.042 per bushel.
For Brookhurst Farm, the opportunity cost of each bushel of AA yellow corn is $2.48 (1.1 GM yellow corn x $2.25).
This week, farmers saw corn futures under $4 and soybeans under $11 a bushel.
So if we're to spread the word and tell people how good our business is, we need to identify this bushel thing, get it lifted and, if possible, tossed aside.
In which year were the fewest bushels of corn used?--
For a December corn contract that has a price of $2 per bushel, the contract value would be 5,000 x $2, or $10,000, but the margin to get control of the contract would be approximately $1,000.
Under that scenario, corn prices would peak at $3.43 per bushel in 2009 before leveling off at $3.16 per bushel by 2016.
Soybeans for delivery in November SX8 surged by 28 cents, to sell for $12.04 a bushel, in midmorning futures trading on the Chicago Board of Trade.
Corn supplies in the US are the tightest in 15 years and corn prices recently rose to historically high levels, near $8 a bushel.