USDA Lowers Crop Yield Forecasts, Corn Up 9 Cents, Soybeans Up 73 Cents

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USDA on Monday cut corn production 415 million bushels (mb) to 13.94 billion bushels (bb), and also cut soybean production 153 mb to 4.378 bb as well.

Corn yield was lowered corn yields 2.9 bushels to 172.5 bushels per acre (bpa), which fell in line with pre-report estimates.

Soybean yield was cut 1.4 bpa to 50.5 bpa.

According to DTN Lead Analyst Todd Hultman, Monday’s U.S. ending stocks estimates were neutral for corn and wheat, bullish for soybeans. Hultman pegged the world ending stocks estimates as a little bearish for corn, bullish for soybeans and neutral for wheat prices.

On Sept. 12, USDA released the September World Agricultural Supply and Demand Estimates (WASDE) report, the first one for the 2022-23 corn and soybean crops that includes field-based observations. USDA’s Crop Production report also includes an earlier-than-usual review of planting estimates for several crops, including corn and soybeans.

To read the entire report click here.