USDA’s World Agricultural Supply and Demand Estimate projects U.S. new crop corn production at a record 16 billion bushels on a yield of 178.5 bushels per acre. Corn usage is expected to rise 245 million bushels to 6.6 billion bushels. That brings 2020/21 domestic ending stocks to 3.3 billion bushels. The soybean production outlook for 2020/21 is projected to be 4.12 billion bushels, an increase of 568 million bushels from the 2019/20 crop. U.S. ending stocks are forecast to decline modestly with rising use. U.S. wheat production is expected to be 1.86 billion bushels, down three percent from last year with lower yields offsetting higher acreage.
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