In Tuesday’s report, USDA made significant changes in its corn numbers. Corn production is now estimated at 13.6 billion bushels. That compares to more than 15 billion bushels last month. Corn yields are now estimated at 166 bushels per acre, down ten bushels per acre from last month. USDA Deputy Chief Economist Warren Preston says that can be credited to “delayed planting and the growing degree days are also behind schedule.” No changes were made in soybean production, but the carryout increased. The all-wheat production total was raised six million bushels from May. The projected season-average price for corn, soybeans and wheat was adjusted higher.
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