Ahead of Wednesday’s USDA supply and demand update, on average, analysts expect tighter old and new crop corn and soybean ending stocks.
Via Dow Jones Newswires, old crop corn is estimated at 840 million bushels, compared to 851 million last month, with new crop at 1.232 billion bushels, compared to 1.881 billion a month ago.
Old crop soybeans are pegged at 170 million bushels, compared to 175 million in June, and new crop is seen at 134 million bushels, compared to 140 million last month.
Wheat ending stocks are projected at 725 million bushels, compared to 694 million a month ago.
Also, with recent hot, dry weather around key U.S. growing areas, analysts expect USDA to lower corn and soybean yield projections Wednesday morning.
The average estimate for corn is 154.1 bushels per acre, down from 166 in June but up from the 2011 average of 147.2.
Soybean yield is projected at 42.3 bushels per acre, compared to 43.9 a month ago and 41.5 a year ago.
The report is due out Wednesday, July 11 at 7:30 AM Central.