The USDA released its latest World Agriculture Supply and Demand Estimates (WASDE) report Wednesday. USDA says the corn crop is projected at 15.0 billion bushels, up from last year on higher area and a return to trend yield.
The yield projection of 179.5 bushels per acre is based on a weather-adjusted trend assuming normal planting progress and summer weather.
The season-average corn price received by producers is projected at $5.70 per bushel, up $1.35 from a year ago when much of the crop was marketed at lower prices. The soybean crop is projected at 4.4 billion bushels, up 270 million from last year on increased harvested area and trend yields.
With lower beginning stocks, soybean supplies are projected down three percent. The season-average soybean price is projected at $13.85 per bushel, up $2.60 from last year.
The outlook for U.S. wheat is for smaller supplies, higher domestic use, lower exports, and reduced stocks and a season-average farm price of $6.50 per bushel.