The much-anticipated August World Agriculture Supply and Demand Estimates (WASDE) and Crop Production reports sent crop prices slightly higher Thursday. The monthly WASDE report from the USDA expects lower corn supplies, reduced feed and residual use, increased food, seed, and industrial use, lower exports, and smaller ending stocks.
The season’s first survey-based corn yield forecast is estimated to be at 174.6 bushels per acre, 4.9 bushels below last month’s trend-based projection. The season-average corn price received by producers increased 15 cents to $5.75 per bushel.
U.S. soybean supply and use changes include higher beginning stocks and lower production, crush, and exports. Soybean production is forecasted at 4.34 billion bushels, down 66 million on lower yields. The survey-based soybean yield forecast of 50.0 bushels per acre is down 0.8 bushels from last month. The season-average soybean price is $13.70 per bushel, unchanged from last month.
The U.S. wheat outlook projects reduced supplies, lower domestic use, unchanged exports, and decreased ending stocks. The projected season-average farm price increased $0.10 per bushel to $6.70.