Latest USDA production estimates come in under trade expectations

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The most recent estimates of the U.S. corn and soybean crops are in, and the numbers are slightly lower than anticipated.

Significant drought in a large area of the U.S. is dragging down the United States Department of Agriculture’s projected average corn yield, now pegged at 174.6 bu/ac down from 179.5 bu/ac a month ago.

Soybean crop production was also dialled back .8 bu/ac to an even 50 bu/ac.

Initial trading was positive for both corn and soybean prices.

Ending stock projections for corn were adjusted downward and settled in just below 1.2 billion bushels

Courtesy of Grain Perspectives

The 2021/22 global oilseed supply and demand forecasts include lower production, crush, exports, and slightly higher ending stocks compared to last month. The WASDE pegs non-U.S. oilseed production down 3.6 million tons to 501.4 million, reflecting lower canola production for Canada and sunflowerseed for Russia. The U.S. is estimating Canada’s canola crop shrunk by 4.2 million tonnes.

 

See the full report, here.

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