In the July supply and demand report, USDA pegged 2023 corn production at 15.3 billion bushels with an average yield of 177.5 bushels per acre. That’s above the average pre-report trade guess of 176.6 bushels per acre. Soybean production is estimated at 4.3 billion bushels and an average yield of 52 bushels per acre. Prior to the release of the report, the average trade estimate was 51.4 bushels per acre. New crop corn ending stocks are forecast at 2.26 billion bushels and new crop soybean ending stocks are estimated at 300 million bushels. USDA projects the all-wheat production estimate at 1.7 billion bushels with spring wheat production estimated at 479 million bushels and durum production at 54 million bushels. Wheat ending stocks are at 592 million bushels.
