The U.S. Department of Agriculture says farmers are expected to harvest the largest soybean crop on record, but they have to deal with a constricted market in which to sell their crop because of the administration’s tariff battle with China. New crop production numbers were released on Thursday. Corn remains on track to have the highest yield and the second highest production on record. USDA is forecasting the average corn yield at 178.9 bushels per acre. That’s down 1.8 bushels from October, but still up 2.3 bushels from last year. The cut to production was largely due to falling yields in Iowa, Minnesota, Illinois and South Dakota. As for soybeans, USDA is calling for an average yield of 52.1 bushels per acre. That’s down 1.0 from last month. We also have new cotton numbers. Production is forecasted at 18.4 million 480 pound bales. That’s down 7% from October, but yield is expected to average 852 pounds per harvested acres, off 49 pounds from last month and down 53 pounds from last year. The other side of the report shows stocks are continuing to grow. Corn ending stocks are 1.736 billion bushels. That’s down 77 million bushels from last month. Corn exports are reduced 25 million bushels based on expectations of increased competitions from Ukraine. As for soybeans, U.S. Soybean stocks are projected at 955 million bushels. That up 70 million from last month. USDA reduced exports on lower imports projected for China.
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