USDA Estimates Lower Corn, Higher Soybean Yield on August WASDE Report

A lower national corn yield and a higher national soybean yield; that’s what USDA said in it’s August World Agricultural Supply and Demand Estimates report out Thursday morning. USDA lowered it’s national corn yield to 175.4 bu/acre which was down from the July estimate of 177 bu/acre. Meantime, the national soybean yield estimate was raised to 51.9 bu/acre, higher than the July estimate of 51.5 bu/acre.

Corn ending stocks for 22/23 fell to 1.388 billion bushels, down from 1.470 billion last month, and below trade expectations at 1.402.The soybean ending stocks for 22/23 came in at 245 million bushels, up from 230 million last month, which was also the trade estimate. On the wheat side, ending stocks fell to 610 million bushels, down from 639 million last month, and below trade estimates at 650 million.

Total wheat production came in at 1.783 billion bushels on the August report, up slightly from 1.781 billion last month. It was below trade estimates at 1.791 billion.

Planted acreage for corn was down slightly at 89.8 million acres while soybean planted acreage was also down slightly to 88 million acres.

Read the full report from USDA here:

Analysis below with Arlan Suderman, Chief Commodities Economist at StoneX: