Bill Lapp has more than 25 years of experience analyzing and forecasting economic conditions and commodity markets. He's the owner and president of Advanced Economic Solutions, a commodity consulting firm that works with restaurant companies and food manufacturers.
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The 2012 U.S. corn crop is forecast to total 10.8 billion bushels, a decline of 13 percent from a year ago. While planted area is pegged at a record 96.4 million acres, yields are forecast to decline to 123.4 bushels per acre, a decline of more than 20 percent from trend levels. The decline reflects the most adverse weather in more than 20 years to face corn growers.