February 21, 2003

USDA Chief Economist Keith Colllins sees a potential corn crop reaching 10.3 billion bushels this year, compared with 9 billion in 2002, assuming optimum weather for growing the crop. The record corn crop was 10.1 billion bushels in 1994.

Collins also forecast a 2.07 billion bushel wheat crop compared to the 2002 crop of 1.95 billion bushels. Soybean production could reach 2.82 billion bushels, compared to last year's 2.75 billion bushels, he said.

The predictions came at USDA's Outlook Forum being held in Arlington, VA, through today.

This year could be different from 2002 when yields declined from drought and floods, increasing crop prices but decreasing production.

Collins said farmers probably will see crop prices decline from "a rebound in yields and strong competition from traditional and newer competitors. But consumer prices should not be affected, he added.