USDA is estimating 2018-19 U.S. corn yield to be a record 180.7 bushels per acre. However, this was down slightly from last month’s estimate of 181.3 bushels per acre and was at the low end of pre-report trade estimates.
USDA increased the 2018-19 U.S. soybean yield to a record 53.1 bushels per acre, up 0.3 bushels per acre from last month’s estimate of 52.8 bushels per acre. USDA is also estimating 2018-19 U.S. soybean production to be a record 4.690 billion bushels.
USDA is projecting a record large total supply of U.S. soybeans and corn for the 2018-19 crop year.
U.S. soybean ending stocks are projected to be a record 885 million bushels, up 40 million bushels from last month’s estimate, and U.S. corn ending stocks increased by 39 million bushels to 1.813 billion bushels.
U.S. wheat ending stocks increased 21 million bushels to 956 million bushels.
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