Very few changes were made to the U.S. corn or soybean balance sheets in the USDA's July WASDE report. Corn yield was left unchanged at 179.5 bushels per acre for a 15.16 billion bushel crop, up 160 million bushels from June on higher acreage.
Old crop corn carryout decreased 100 million bushels from the lower June stocks data, but this elevated production was enough to push new crop ending stocks to 1.43 billion bushels, roughly 80 million bushels more than a month ago.
Soybean production was left unchanged from last month with the yield at 50.8 bushels per acre and the crop size at 4.4 billion bushels.
No changes were made to the overall demand side of the soybean balance sheets either. This left the United States with ending stocks estimates of 135 million bushels on old crop and 155 million bushels for new crop. This was disappointing to traders as reductions were predicted.
We did see a change to the U.S. wheat balance sheets, however.
Total U.S. wheat production decreased 150 million bushels, primarily from the drought ...