USDA Increases Corn Production in July WASDE

The July 12 WASDE report followed through on analyst expectations of updates to corn production numbers from the June 30 report. Corn production is now listed at 15.165 billion bushels (bb) reflecting the 92.7-million-acre planting estimate from the previous report. Yield estimates remained unchanged at 179.8 bushels per acre (bpa). Soybean average yield numbers were left unchanged at 50.8 bpa, with production holding steady at 4.405 bb. Analysts are more bullish on wheat numbers, lowering the wheat crop down 152 million bushels to 1.746 billion (45.8 bpa). 2021-22 crop year ending stocks for corn came in at 1.432 bb, soybeans at 155 mb, and wheat 884 mb for old-crop, 665 mb for new-crop. See what analysts are saying about the bearish stock numbers for corn and bullish numbers for wheat.