The U.S. Department of Agriculture (USDA) published its August World Agricultural Supply and Demand Estimates (WASDE) report on Friday.
Looking globally, the USDA’s projected lower world ending stocks for wheat and corn, while soybeans saw an increase of 1.8 mmt.
Of note, soybean production for China was increased on higher area cited in recent provincial reports.
The lower corn production number was linked to the extreme heat and dryness for Romania, Hungary, France, Italy, Spain, Slovakia, Bulgaria, and Germany.
Meanwhile, the average U.S. yield for soybeans was estimated at 51.9 bushels per acre, versus the trade estimate of 51.1 and a 51.5 estimate last month.
Corn was projected at an average of 175.4 bushels per acre, down from 177 last month and a shade lower than the trade was expecting.
The all wheat yield was pegged at 47.5 bushels per acre, up 0.2 bushels from last month.
Corn and soybean futures dropped following the report’s release at 11am CT, but corn rallied, pulling soybeans higher before the end of the trading day and week.