WASDE

WASDE

🌽Corn
Yield: 180.7
Harvest Area: 88.6
Production: 16,013
Carryout: 1,653 (est 1,725)

🫘Soybeans
Yield: 52.7
Harvest Area: 85.8
Production: 4,519
Carryout: 320 (est 304)

🌾Wheat
Yield: 47.8
Harvest Area: 32.1
Production: 1,531
Carryout: 717

Analysis 

USDA cut the corn yield to 180.7 bushels per acre from 183.0, and carryout dropped to 1,653 million, 72 million below the 1,725 the trade expected. An extra 1.2 million harvested acres from the FSA data nearly offset the yield cut, so production held at 16,013 million, but exports rose another 75 million to 3,275 and old crop tightened to 1,945. The farm price moved up a dime to $4.50.

Soybeans went the other way. The yield fell to 52.7 but 1.4 million more harvested acres added 44 million bushels of production at 4,519, and carryout climbed to 320 million against the 304 the trade expected. Wheat trimmed to 717 million on a slightly smaller crop, and the farm price rose 20 cents to $6.20.