The USDA has increased its corn and winter wheat production estimates, while lowering the projection for soybeans.
Corn is seen at 14.505 billion bushels, up 45 million bushels on the month following the USDA’s June 30th acreage totals, which pushed the new crop ending stocks guess higher. Old crop corn stocks were also up on the month due to a lower feed use estimate.
Winter wheat production is pegged at 1.201 billion bushels, 2% more than last month as higher harvested area canceled out a slight lower yield projection, leading to an upward revision in U.S.
USDA sees bigger corn, winter wheat crops
