DES MOINES, Iowa — The U.S. Department of Agriculture says farmers are expected to produce 13.7 billion bushels of corn this year, down 4 percent from last year’s record.
However, it still would be the third-highest annual production on record in the U.S.
The USDA monthly crop update was released Wednesday and said farmers are expected to harvest 81.1 million acres of corn.
Colorado is expected to harvest 1.44 million bushels, down from 1.48 million in 2014.
Iowa, the nation’s top corn producer, is projected to harvest 2.43 billion bushels, up 2.8 percent from 2014. And Nebraska’s production will increase 3.8 percent to 1.66 billion bushels.
The government report surprised investors because the crop year began with record June rain in Illinois, Indiana and Ohio, washing away newly sown crops. Corn futures for December delivery fell 5 percent to close at $3.68 a bushel — a seven-week low.
