The U.S. Department of Agriculture raised its corn and soybean forecasts from last month’s projections, surprising analysts, in its latest World Agricultural Supply and Demand Estimates (WASDE) report. Corn and soybean production and yield estimates are record highs, with both crops estimated to be even bigger than was expected one month ago.
Here are nine highlights from the latest WASDE report, by the numbers:
- The corn forecast was raised 1 percent from last month’s projection to 15.2 billion bushels.
- Corn yields are expected to average 175.3 bushels per acre.
- The soybean forecast was raised 2 percent to 4.36 billion bushels.
- Soybean yields are expected to average 52.5 bushels per acre, with the biggest production gains coming from Minnesota, North Dakota and Kansas.
- The soybean crop is 11 percent bigger than last year’s.
- Corn prices were raised 5 cents per bushel.
- Soybean prices were raised 15 cents per bushel.
- Corn exports could be 17 percent larger than last year.
- Soybean exports could be 6 percent larger than last year.
Wheat
Estimates for wheat were largely unchanged. U.S production remained the same, while ending stocks were raised by 5 million bushels. Beginning global wheat stocks were raised by 1.37 million metric tons, and ending stocks were estimated at 249.23 million metric tons, up slightly.
