USDA delivered a few surprises in Thursday’s supply and demand report. U.S. wheat yield harvested acres and production were reduced more than the trade expected. Global wheat stocks are at their lowest level since 2017. The report reflected late planting, dropping the national corn yield average to 177 bushels per acre. U.S. soybean stocks increased, as expected, due to an increase in acreage. The soybean demand picture is positive with significant increases in the projected crush and export outlook.
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