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WASDE at a Glance

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CORN: Corn beginning stocks for 2016/17 are lowered seven million bushels as reductions in feed, residual and ethanol use are more than offset by increases in exports and seed use. Corn production for 2016/17 is projected 110 million bushels higher reflecting the increased planted area from the June 30 Acreage report. Exports are projected 100 million bushels higher on reduced competition from Brazil. Corn ending stocks for 2016/17 are projected 73 million bushels higher. Projected season average prices for 2016/17 are lowered for all the feed grains, with corn down 10 cents to $3.10 to $3.70 per bushel.

SOYBEANS: Soybean production is projected at 3,880 million bushels, up 80 million due to increased harvested area. The soybean yield is projected at 46.7 bushels per acre, unchanged from last month. Soybean supplies are raised 60 million bushels with lower beginning stocks partly offsetting production gains. Soybean ending stocks are projected at 290 million bushels, up 30 million from last month. Soybean exports for 2015/16 are projected at 1,795 million bushels, up 35 million bushels. The U.S. season-average soybean price for 2016/17 is projected at $8.75 to $10.25 per bushel, unchanged from last month.

WHEAT: Projected U.S. supplies for 2016/17 are raised 180 million bushels this month on increased production. Winter wheat yields are projected to be record high, and spring wheat yields are slightly above average. U.S. exports are raised 25 million bushels to 925 million, which would be the highest in three years. Ending stocks are raised 55 million bushels to 1,105 million bushels and the season-average farm price is lowered $0.20 per bushel to a projected range of $3.40 to $4.20. Global 2016/17 wheat supplies are raised 9.2 million tons to 983.0 million on increased production as well.