USDA Releases First Crop Production Estimates

The USDA has released its first production estimate for corn and soybean crops in the United States. The report shows that corn production is expected to be 16.012 billion bushels, a decrease from last year's record-setting 17.02 billion bushels.

Soybean production is estimated at 4.519 billion bushels, an increase of 44 million bushels from the July projection and 41 million bu higher than analysts expected.

The USDA also released its first estimate for cotton production, which came in at 13.608 million bales, a decrease of 90,000 bales from the July projection.