USDA Increases Corn Production in July WASDEMon, 12 Jul 2021 14:21:22 CDT
USDA increased corn production to 15.165 billion bushels (bb), reflecting the updated 92.7-million-acre planting estimate from the June 30 Acreage report. It left yield estimates unchanged at 179.5 bushel per acre (bpa). Ending stocks for the 2021-22 crop year came in at 1.432 bb.
USDA's estimated soybean average yield was left untouched at 50.8 bpa. USDA also left 2021-22 soybean production unchanged at 4.405 bb.
Spring wheat production was forecast at 345 million bushels (mb), 41% below last year. Yields are expected to average 30.7 bpa, 17.9 bpa below last year.
According to DTN Lead Analyst Dana Mantini Monday's new U.S. ending stocks estimates were bearish for corn, neutral for soybeans and bullish for wheat. Meanwhile, Hultman pegged Monday's world ending stocks estimates from USDA as neutral for corn, bearish for soybeans and bullish for wheat. To hear the complete comments from Dana Mantini, Click or tap below.
You can also access the full reports here:
-- Crop Production:
-- World Agricultural Supply and Demand Estimates (WASDE):
With USDA's estimated soybean average yield untouched at 50.8 bpa, USDA also left 2021-22 soybean production unchanged at 4.405 bb. The agency also left all supply and demand for new-crop soybeans unchanged, as well as ending stocks for old-crop beans. That left new crop ending stocks at 155 mb, higher than most analysts expected.
U.S. farmgate soybean prices were trimmed 15 cents to $13.70 per bushel.
Globally, 2020-21 soybean ending stocks were boosted beyond analyst expectations to 91.49 million metric tons (mmt), up from 88 mmt in June. That spilled over into higher new-crop ending stocks of 94.49 mmt, despite trimming new-crop production estimates slightly to 385.22 mmt.
USDA's old-crop soybean production estimate for Brazil was left at 137 mmt, while USDA decreased Argentina's slightly to 46.5 mmt, down from 47 mmt in June.
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