USDA is projecting a record U.S. corn crop of 16.7 billion bushels, up 1 billion bushels from last month. This total is being driven by a 1.9-million-acre increase in harvested area and a record yield forecast of 188.8 bushels per acre. Total U.S. corn use is raised to 16.0 billion bushels, with exports at a record 2.9 billion bushels. Ending stocks climb to 2.1 billion bushels, the highest since 2018/2019, while the season-average price is lowered 30 cents to $3.90 per bushel. For soybeans, production is forecast at 4.3 billion bushels, down 43 million on lower harvested acreage of 80.1 million acres. The dropoff in acreage was partially offset by a yield increase to 53.6 bushels per acre. Exports are reduced by 40 million bushels to 2.1 billion, with ending stocks lowered to 290 million bushels. The season-average soybean price remains steady at $10.10 per bushel.
