According the USDA supply/demand report, U.S. corn production for 2019-2020 is expected to decline 1.4 billion bushels. That would bring production to 13.7 billion bushels, which compares to a pre-report estimate of 14.2 billion bushels. Unprecedented planting delays will be reflected in the USDA acreage report later this month. Soybean production estimates were left unchanged. The season-average farm price for corn is forecast at $3.80 per bushel. That’s up 50 cents from last month’s report. The season average soybean price is forecast at $8.25 per bushel. That’s up 15 cents and reflects the impact of higher corn prices.
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