USDA was fairly aggressive on dropping U.S. corn yields and production in the May World Supply and Demand Estimates. The agency lowered yield by 10 bushel per acre (bpa) to 166 bpa and that subsequently lowered production to 13.68 billion bushel and new crop ending stocks to 1.675 billion bushel.
USDA left soybean yield unchanged from May at 49.5 bpa and production at 4.15 billion bushel. However, due to upward revisions in demand ending stocks were raised to 1.045 billion bushel in the new crop category and 1.07 billion bushel on old crop. Brazil and Argentina production were left unchanged.
Wheat was a mixed bag with a slightly higher winter wheat production estimate at 1.274 billion and soft red was lowered to 258 million bushel. USDA pegged new crop ending stocks at 1.072 bb and old crop at 1.102 bb, both slightly lower than May.
