The U.S. Department of Agriculture (USDA) did adjust corn plantings in its July supply and demand report to match the revisions in the June 30 acreage report, but left yield alone. The U.S. corn crop this year is now projected at 15 billion bushels, 995 million bushels less than the previous estimate.
The USDA lowered feed and residual demand but made a slight increase to industrial demand to put 2020-21 ending stocks at 2.65 billion bushels. While a reduction of 675 million bushels from June, this is still an ample amount. The 2019-20 ending stocks estimate increased 145 million bushels to stand at 2.25 billion bushels.
As with corn, soybean acres were adjusted to reflect the June revisions from the March intentions. The average yield per acre was left unchanged at 49.8 bushels per acre (BPA) to give the U.S. a 4.135 billion bushel crop, 10 million bushels more than predicted last month.
Ending stocks were bumped to 620 million bushels, and when the additional production was added in, it was enough to raise the ...