The USDA’s August crop report points toward tighter corn and soybean balance sheets. Midwest Market Solutions President Brian Hoops said USDA lowered its corn yield estimate, but increased planted acreage from 95.3 million to 96.7 million acres. Corn production is now estimated at 16.01 billion bushels, compared with total demand of 16.33 billion. “We are outpacing production enough this year we can’t even meet our demand,” Hoops said. “So balance sheets are gonna tighten.” Soybean production is projected at 4.51 billion bushels, while demand is estimated at 4.54 billion.
