(WASHINGTON D.C.)– Soybean carryout came in well above trade expectations in the latest World Agricultural Supply and Demand Estimates Report from USDA on Wednesday.
USDA says that U.S. new-crop soybean stocks are at 300 million bushels (mb); which was well above the average trade guess of 199 million bu. The national average yield for soybeans came in unchanged at 52 bu/acre on this latest report. USDA also lowered the soybean export forecast by 125 mb plus a small 10 mb reduction to crush.
New crop corn stocks came in at 2.262 billion bushels which was pretty close to trade expectations. The national average corn yield came in lower at 177.5 bu/acre, taking into account the June 30th acreage bump higher. The July WASDE report is still calling for a record corn crop at 15.32 billion bushels.
The total wheat production number was raised to 1.739 billion bushels, which was up from 1.665 billion last month and higher than the trade estimate of 1.683 billion.
You can also view the full report here: https://www.usda.gov/oce/commodity/wasde