USDA increases size of corn and soybean crops
In today’s World Agricultural Supply and Demand Estimate report , USDA increased U.S. corn production for the new-crop season to 14.2 billion bushels and increased new-crop soybean production to 4.3 billion bushels.
We also saw the first effects on the tariff duties as exports projected down 250 million bushels, and raised soybean ending stocks to 580 million bushels a significant uptick from June.
USDA kept the average corn yield untouched at 174 bushels per acre with the average price at $3.30. Soybean yield now projected to be 48.5 bpa, with the price projected down to $8.00.
Winter wheat production came in at 1.193 billion bushels, down slightly from July, but is shows a decline of 6 percent since last year. USDA estimating yield to be 48 bpa, which would be down 2.2 bushels from 2017. Estimated price for wheat $4.50.