USDA: Corn and Soybean Production Hit Hard by Drought

August 10, 2012 Updated Aug 10, 2012 at 1:04 PM EDT

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USDA: Corn and Soybean Production Hit Hard by Drought

August 10, 2012 Updated Aug 10, 2012 at 1:04 PM EDT

The United States Department of Agriculture (USDA) released its crop report on Friday.

The report shows that this year's drought is going to have a big impact on crop production.

Corn production in the United States is forecast at 10.8 billion bushels, down 13 percent from 2011 and the lowest production since 2006. 

Based on conditions as of August 1, yields are expected to average 123.4 bushels per acre, down 23.8 bushels from 2011.  This would be the lowest average yield since 1995.

Soybeans estimates have also been hit by the drought. 

Production of beans is forecast at 2.69 billion bushels, down 12 percent from 2011.  Yields are expected to average 36.1 bushels per acre, down 5.4 bushels from last year.  This would be the lowest since 2003.