USDA sees bigger corn, winter wheat crops


USDA sees bigger corn, winter wheat crops

The USDA has increased its corn and winter wheat production estimates, while lowering the projection for soybeans.

Corn is seen at 14.505 billion bushels, up 45 million bushels on the month following the USDA’s June 30th acreage totals, which pushed the new crop ending stocks guess higher. Old crop corn stocks were also up on the month due to a lower feed use estimate.

Winter wheat production is pegged at 1.201 billion bushels, 2% more than last month as higher harvested area canceled out a slight lower yield projection, leading to an upward revision in U.S. ending stocks.

Soybean production is expected to be 4.505 billion bushels, down 135 million from a month ago due to much smaller than expected planted area, which pulled new crop ending stocks lower, canceling out an increase in old crop stocks following a cut to domestic crush use.

The USDA’s next set of supply, demand, and production numbers is out August 12th.