The USDA has lowered their outlook for this year’s corn crop, while raising the estimate for soybeans slightly.
Corn production is expected to be 14.359 billion bushels, down 146 million on the month with a cut 1.6 bushel per acre cut in the yield estimate due to hot, dry weather in some key U.S. growing areas, now at 175.4 bushels per acre. Planted area is now pegged at 89.821 million acres with harvested area at 81.84 million, both 100,000 less than the July report.
