USDA has lowered its production outlook for corn, while raising the projection for soybeans.
This year’s corn crop is now estimated at 13.860 billion bushels, down 75 million from June on a lower harvested area estimate, based on the June 30 acreage numbers. The average yield guess was left unchanged and old and new crop ending stocks were both up on the month.
Soybeans are seen at 3.8 billion bushels, 165 million more than a month ago, on a larger harvested area projection. The average yield estimate for soybeans held steady and old and new crop ending stocks figures were both slightly larger than anticipated.
USDA also raised its domestic wheat production estimate, with a bigger spring crop offsetting a smaller winter crop, and the ending stocks guess was well above the average expectation.
Of course, there is still a long way to go until the corn, soybean, and spring wheat crops are made, and the winter wheat harvest is still ongoing. For corn and soybeans, the first survey based production projections are out August 12.