In Thursday’s USDA supply/demand report, the average corn yield was estimated at 178,9 bushels per acre. That’s down from 180.7 bushels per acre last month. Total U.S. production is forecast at 14.6 billion bushels. For soybeans, the 2018 average yield was put at 52.1 bushels per acre, down a full bushel from last month’s estimate. For the year, U.S. soybean production is forecast at 4.6 billion bushels. U.S. corn ending stocks came in slightly under trade expectations while the soybean ending stocks were above the average pre-report trade guess. Global corn ending stocks went up significantly with a revision in Chinese corn production.
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