USDA Bumps Corn and Soybean Production, Drops Soybean Exports07/12/2018
A big crop got a little bigger, as USDA increased U.S. corn production for the new-crop (2018-19) season to 14.2 billion bushels and increased new-crop soybean production to 4.3 billion bushels.
The agency also incorporated the new Chinese soybean import duties into their estimates, which drove exports down 250 million bushels, and boosted domestic soybean ending stocks to 580 million bushels, up from 385 million bushels in June.
USDA also boosted global soybean ending stocks for both new crop and old crop substantially.
These numbers were released by USDA in its July Crop Production and World Agricultural Supply and Demand Estimate (WASDE) reports.
Thursday’s new U.S. ending stocks estimates were bullish for corn, bearish for soybeans and neutral for wheat, said DTN Analyst Todd Hultman. World ending stocks estimates from USDA were bullish for corn and wheat, but bearish for soybeans, he said.
For DTN’s exclusive audio comments on today’s reports, visit: http://listen.aghost.net/…
Crop Production: https://www.nass.usda.gov/…
World Agricultural Supply and Demand Estimates (WASDE): https://www.usda.gov/oce/commodity/wasde/
Source: Emily Unglesbee, DTN