USDA predicts reduced yields for corn, soy, and wheat crops

The USDA has released its latest World Agricultural Supply and Demand Estimates (WASDE) report, which forecasts smaller corn, soybean, and wheat crops for 2023. The estimates for corn, soybean, and wheat production and yield have all been reduced. The report also provides information on ending stocks for the current and upcoming crop years, with some adjustments made to reflect changes in supply and demand. The trade reaction to the report has been mixed, with some noting the expected yield reductions and others highlighting the need for significant changes in production or exports to impact market prices.