USDA Predicts Record Corn Production, Bearish News for Soybeans
The USDA's World Agricultural Supply and Demand Estimates (WASDE) report for July forecasts a record corn crop at 15.32 billion bushels, despite lowering the corn yield estimate to 177.5 bushels per acre. The soybean ending stocks forecast for the new-crop season was lowered to 300 million bushels, while wheat production estimates were increased. The report also provided updates on global exports and ending stocks for corn, soybeans, and wheat.