USDA Raises Its 2016 Yield Forecasts07/13/2016
The USDA has raised its 2016 production outlooks for corn, soybeans, and winter wheat.
In June, the USDA increased its planted acreage figures, including record soybean acreage and the third highest corn planted area since 1944.
Corn production is now expected to be 14.540 billion bushels with an average yield of 168 bushels per acre and soybeans are seen at 3.880 billion bushels with an average yield of 46.7 bushels per acre.
Winter wheat is pegged at 1.63 billion bushels with a record high yield of 53.9 bushels per acre with spring wheat at 550 million bushels with an average yield of 46.5 bushels per acre.
The USDA also lowered old crop corn and soybean ending stocks because of strong demand expectations, while raising the outlooks for new crop on those bigger production estimates.
Wheat ending stocks were up from June.
The next set of supply, demand, and production estimates is out August 12th.