USDA Tightens Corn and Wheat Outlooks in August
The USDA has tightened its corn and wheat outlooks in August, according to Tony St. James, RFD News Markets Specialist. The agency's first survey-based yield estimate for corn fell to 180.7 bushels per acre, while production remains near 16 billion bushels.
Corn exports were raised to 3.3 billion bushels, while ending stocks fell to 1.7 billion. The farm price was also raised to $4.50. Wheat production slipped to 1.531 billion bushels, with ending stocks down 22 percent from last year and the price increased to $6.20.
The outlook for soybean production was more positive, increasing to 4.5 billion bushels on higher acreage despite a slightly lower yield. Crush was raised to 2.78 billion bushels, and ending stocks increased to 320 million. The farm price remained at $11.40.