As expected, USDA increased soybean yield to yet another record high of 51.4 bushels per acre in its report Wednesday, but decreased corn yield to 173.4 bushels per acre.
Here are the key numbers from Wednesday’s World Agricultural Supply and Demand Estimates report:
Corn yield of 173.4 bushels per acre, which is slightly lower than the average trade guess, according to Reuters, of 173.5 bushels per acre.
Corn production of 15.057 billion bushels, which is more than than the average trade guess of 15,060 billion bushels.
New corn ending stocks of 2.320 billion bushels, which is less than the average trade guess of 2.359 billion bushels.
Soybean yield of 51.4 bushels per acre, which is just slightly less than the average trade guess of 51.5 bushels per acre.
Soybean production of 4.269 billion bushels, which is less than the average trade guess of 4.286 billion bushels.
New soybean ending stocks of 395 million bushels, which is less than the average trade guess of 413 million bushels.
Wheat yield unchanged of 52.6 bushels per acre, and wheat production of 2.310 billion bushels.
New wheat ending stocks of 1.138 billion bushels, which is less than the trade guess of 1.153 billion bushels.
The report raised corn use by 25 million to 14.525 billion bushels. Feed and residual was unchanged at 5.650 billion bushels. Corn exports rose to 2.025 billion bushels.
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