USDA release today reported that the dry conditions experienced early in the growing season have led to smaller U.S. corn and soybean harvests than previously anticipated.
Corn Production🔹15,111M bu [Decrease 209M bu]
Total Supply🔹16,592M bu [Decrease 155M bu]
Corn Stocks Carry Out🔹2,202M bu [Decrease 60M bu]
Total Use🔹14,390 [Decrease 95M bu]
Soybeans Production🔹42,405M bu [Decrease 95M bu]
Total Supply🔹4496M bu [Decrease 79M bu]
Soybeans Stocks Carry Out🔹245M bu [Decrease 45M]
Total Use 🔹4251M bu [Decrease 25M bu]
Wheat Production🔹1734M bu [Decrease 5M bu]
Total Supply🔹2444M bu [Decrease 5M bu]
Wheat Stocks Carry Out🔹615M bu [Increase 23M bu]
Total Use🔹1829M bu [Decrease 28M bu]
According to the U.S. Agriculture Department’s monthly World Agricultural Supply and Demand Estimates report, corn production is now estimated to be 15.111 billion bushels, based on an average yield of 175.1 bushels per acre. Similarly, soybean production is projected to reach 4.205 billion bushels, with yields pegged at 50.9 bushels per acre.
Analysts had anticipated different figures prior to the report’s release. Specifically, the average of estimates in a Reuters poll indicated an expected corn production of 15.135 billion bushels and soybean production of 4.246 billion bushels. Additionally, the earlier estimates had placed corn yields at 175.5 bushels per acre and soybean yields at 51.3 bushels per acre.
