USDA Cuts Crop Estimates Amid Global Demand Weakness
The USDA released its August World Agricultural Supply and Demand Estimates (WASDE) report, lowering production and ending-stock estimates for several crops.
Corn production is expected to reach a record 16 billion bushels, up 13 million from July, but the yield estimate was revised down by 2.3 bushels per acre to 180.7 bushels per acre.
The USDA also raised corn exports to 3.3 billion bushels due to stronger global demand and reduced Ukrainian exports, while reducing ending stocks by 137 million bushels to 1.7 billion bushels.
In contrast, soybean production was increased by 44 million bushels to 4.5 billion bushels, with a yield estimate of 52.7 bushels per acre. Ending stocks were raised by 10 million bushels to 320 million due to stronger crush margins and demand for soybean meal and oil.