The July World Ag Supply and Demand Estimates Report is calling for sharply lower supplies in corn, along with reduced feed and residual use, increased food, seed, and industrial use, as well as lower ending stocks.
Corn production is lowered 995 million bushels from June, coming in at 15 billion bushels on a yield of 178.5 bushels per acre, unchanged from last month. Ending stocks were lower at 2.6 billion bushels. The season-average price is projected at $3.35 per bushel, 15 cents higher than the June report.
Soybean ending stocks are 30 million bushels higher than last month at 425 million. Soybean production increased to 4.14 billion bushels, which is 10 million bushels higher on increased harvested area totaling 83 million acres. The yield is unchanged at 49.8 bushels per acre and the season-average soybean price is $8.50 per bushel, up 30 cents from June.
The wheat forecast calls for larger supplies, lower domestic use, unchanged exports, and increased stocks. The harvest forecast dropped by 53 million bushels to 1.824 billion. Ending stocks increased to 924 million bushels. The season-average price for wheat is forecast at $4.60 a bushel, unchanged from last month.