The September World Ag Supply and Demand Estimates from USDA show U.S. corn production is down two percent from the August forecast. Soybean production dropped six percent from the previous month.
Corn production is forecast at 14.9 billion bushels, still nine percent higher than 2019. Yields will be a record 178.5 bushels per acre, down 3.3 bushels from August. Corn ending stocks will drop by 253 million bushels from last month, while the season-average price jumps 40 cents to $3.50 a bushel.
Soybean production is forecast at 4.3 billion bushels, down 112 million on a lower yield forecast at 51.9 bushels per acre. Ending stocks are projected at 460 million bushels, down 150 million from August. The season-average soybean price is projected at $9.25 a bushel, up 90 cents from last month.
The wheat supply and demand outlook is unchanged this month, but there are offsetting by-class changes for wheat exports. The season-average farm price remains at $4.50 a bushel.