News

USDA raises corn crop guess, lowers soybeans

The USDA has slashed its soybean production outlook while raising their guess for this year’s corn crop.

The USDA has 2023 soybean production at 4.3 billion bushels, 210 million less than last month following the recent cut to the planted area total, down to 83.5 million acres. Harvested area was also reduced by 4 million acres to 82.7 million, while the yield was unchanged at 52 bushels per acre.

Old crop soybean ending stocks were up, mostly on a cut in exports, while new crop ending stocks were down, primarily on the lower production number, but the USDA did also reduce the outlooks for domestic crush and exports.

Corn production is pegged at 15.32 billion bushels, 55 million higher than a month ago because of the higher planted acreage total, now at 94.1 million acres with harvested area of 86.3 million, which canceled out a 4 bushel per acre reduction in yield to 177.5 bushels per acre.

Old crop corn ending stocks were lower following the June 30^th quarterly stocks data, while new crop stocks were up slightly on that higher production number.

U.S. winter wheat production is seen at 1.206 billion bushels, 6% above last month on a higher yield estimate, now at 46.9 bushels per acre, while spring wheat was down 1% from 2022 at 478.61 million bushels with average yield pegged at 45.2 bushels per acre, 1 less than last year.

New crop U.S. wheat ending stocks were higher on that larger crop guess.

Global changes were minimal.

These production numbers are highly subject to change.

The USDA’s next set of supply and demand estimates is out August 11^th.