In the May WASDE report, USDA lowered new crop corn production more than trade estimates on a four bushel per acre yield decline from the March Planting Intentions report. Corn production is forecast at 14.5 billion bushels on a yield of 177 bushels per acre. USDA raised new crop soybean production five percent from last year to 4.64 billion bushels on an increase in soybean acres. New crop all-wheat production is projected at 1.7 million bushels, up 83 million from last year with new crop spring wheat and durum production expected to rebound significantly from last year’s drought reduced crops.
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