As expected, the USDA increased the U.S. corn yield and crop size last week in the August crop production report. The U.S. corn yield is now pegged at 181.8 bushels per acre, a full 3.3 bushels larger than the July estimate. This is expected to give the U.S. a 15.278 billion bushel crop, 278 million bushels more than earlier thought.
The USDA did increase feed and residual usage on corn by 75 million bushels and made the same increase to exports in its monthly supply and demand estimates. This will put new crop ending stocks at a comfortable 2.756 billion bushels, 108 million bushels more than earlier projected. Old crop ending stocks declined from 2.248 billion bushels to 2.228 billion bushels.
Soybean production also increased from July to August, with the yield per acre climbing to 53.3 bushels compared to 49.8 bushels in July. This will elevate the U.S. soybean crop to 4.425 billion bushels, a 290 million bushel increase. Soybean demand increased by 20 million bushels on crush and 75 million bushels for exports,...
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