The Department of Agriculture noted it would resurvey planted acres as questions remain about how much planting was done during the wet spring season. The July World Agriculture Supply and Demand Report released Thursday increased corn production estimates 195 million bushels based on increased planted and harvested areas from the June 28 Acreage report. However, USDA will publish updated acreage estimates in the August Crop Production report, as many believe those intentions were not met. The national average corn yield is unchanged at 166.0 bushels per acre, and the season average price was lowered 10 cents to $3.70 per bushel.
Meanwhile, USDA lowered soybean beginning stocks, production, exports, and ending stocks. Soybean production for 2019/20 is projected at 3.8 billion bushels, down 305 million based on lower planted and harvested area in the June 28 Acreage report. The soybean yield is forecast at 48.5 bushels per acre, down one bushel. The season-average price for soybeans is forecast at $8.40 per bushel, up 15 cents from last month.
You can hear post-WASDE report market analysis from Kokomo Grain’s Mike Silver in the HAT Morning Edition podcast by clicking the play button below.