USDA released the Crop Production and World Agricultural Supply and Demand Estimate Reports. USDA is calling for higher corn and soybean production in the U.S. Corn production is forecast at 15 billion bushels, up 246 million bushels from last month on increases to harvested area and yield, which is 176.3 bushels per acre, up 1.7 bushels.
Harvested area is 85.1 million acres, up 600,000. The U.S. corn outlook is for larger supplies, increased feed and residual use, greater exports, and higher ending stocks. The season-average corn price dropped 30 cents to $5.45 a bushel.
Soybean production is predicted at 4.37 billion bushels, up 35 million with lower harvested area more than offset by a higher yield forecast of 50.6 bushels per acre. The area harvested for soybeans is predicted to be 86.4 million acres, lower than last month but five percent from last year.
Soybean supply and use changes include higher beginning stocks, production, exports, ending stocks, and a lower soybean crush rate. The season-average price is down 80 cents to $12.90 per bushel.
The U.S. wheat outlook is for reduced supplies, slightly higher domestic use, unchanged exports, and decreased ending stocks. The season-average farm price dropped ten cents to $6.60 a bushel for wheat.