The USDA released the Quarterly Grain Stocks report on Thursday. In the report, the USDA revised acreage, yield and production for the 2020 crop. USDA increased old crop soybean production 81 million bushels, because of increased harvested acres. By increasing soybean yields to 51 bushels/acre, the old crop soybean carryout increased to 256 million bushels. While soybean carryout is down 51 percent from last year, it’s much higher than the pre-report trade estimate. USDA updated the planted area for soybeans to 83.4 million acres, with harvested soybean area revised to 82.6 million. USDA also lowered corn ending stocks to 1.24 billion bushels. USDA lowered 2020 corn for grain production, down 71 million bushels. Planted area for the U.S. corn crop updated to 90.7 million acres, with the area harvested for grain at 82.3 million. The average 2020 corn yield lowered to 171.4 bushels/acre.
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