Corn, Soybean Futures Rise Ahead of USDA Report Amid Production Decline Expectations
Corn futures are rising ahead of the USDA's August Production and WASDE report release. According to analysts, corn production is expected to decline by 66 million bushels from July's estimate, with a yield of 182.4 bushels per acre.
The Reuters poll shows that old-crop ending stocks are expected at 1.999 billion bu., while new-crop ending stocks are projected at 1.725 billion bu.
Soybean futures are also increasing, with support from continued demand from China. The USDA reported daily sales of 244,000 MT of soybeans to China during 2026-27, and analysts expect 2026-27 soybean production to be down 3 million bu. from July's estimate.
Winter wheat futures are up due to short-covering gains as tensions linger in the Black Sea region. A Reuters poll shows that all wheat production is expected to decline by 11 million bu. from July, with winter wheat production projected at 981 million bu.