USDA Increases Corn Production in July WASDE

USDA increased corn production to 15.165 billion bushels (bb), reflecting the updated 92.7-million-acre planting estimate from the June 30 Acreage report. It left yield estimates unchanged at 179.5 bushel per acre (bpa). Ending stocks for the 2021-22 crop year came in at 1.432 bb.

USDA's estimated soybean average yield was left untouched at 50.8 bpa. USDA also left 2021-22 soybean production unchanged at 4.405 bb.

Spring wheat production was forecast at 345 million bushels (mb), 41% below last year. Yields are expected to average 30.7 bpa, 17.9 bpa below last year.

According to DTN Lead Analyst Dana Mantini Monday's new U.S. ending stocks estimates were bearish for corn, neutral for soybeans and bullish for wheat.