USDA Raises Estimates for Corn and Soybean Production

The United States Department of Agriculture (USDA) has increased its estimates for corn and soybean production in the US. The new forecast shows that corn production is expected to reach 16.013 billion bushels, with a yield of 180.7 bushels per acre. Soybean production is estimated at 4.519 billion bushels, with a yield of 52.7 bushels per acre.

The increase in production estimates is due to higher planted and harvested areas for both crops. The USDA has also raised its export expectations for corn and soybeans, which will help to boost global supplies.

Global soybean production has risen on the back of a higher US crop estimate, with the USDA increasing exports for Argentina and leaving imports by China unchanged.

The new numbers were released as part of the USDA's monthly supply and demand report. The next report is due out on September 11th.