(WASHINGTON D.C.)– The latest round of supply and demand numbers from USDA is predicting record U.S. corn and soybean yields for the upcoming harvest.
On Monday’s August World Agricultural Supply and Demand Estimates Report, USDA is predicting a national average corn yield of 183.1 bushels per acre (bpa) and a national average soybean yield of 53.2 bpa. Both of those numbers are about a full bushel higher than pre-report trade estimates and higher than last month’s numbers.
Corn production came in at 15.147 billion bushels, which was slightly above expectations. Harvested area was cut a bit more than expected for corn. Soybean production came in at 4.589 billion bushels as harvested area for soybeans increased notably. The all wheat production number dropped to 1.982 billion bushels this month after a big increase in the July report.
New crop ending stocks for corn came in at 2.073 billion bushels, soybeans at 560 million bushels and wheat at 828 million bushels. World new crop ending stocks for corn fell to 310.17 million metric tons (mmt), soybeans went up to 134.3 mmt and wheat fell to 256.62 mmt.
You can view the full WASDE Report here: https://www.usda.gov/oce/commodity/wasde
Listen to Monday market analysis with Arlan Suderman from StoneX below:
