SoybeansThe August World Agricultural Supply and Demand Estimates (WASDE) report projects that farmers will grow a record 4.589 billion bushels of soybeans. The USDA increased its planted and harvested forecast by 1 million acres. The yield forecast increased from 53.2 bushels per acre. Ending stocks for 2024-25 are expected to be the highest in six years at 560 million bushels.

The USDA also increased the forecast for corn production to 15.147 billion bushels and raised yield projections to a record 183.1 bushels per acre. This is an increase of 47 million bushels from the July forecast. The planted acres decreased to 90.7 million acres, while the projected harvested acres decreased to 82.7 million acres.

The wheat production forecast fell to 1.98 billion bushels. This is a reduction of 26 million bushels. Planted acres were projected at 46.3 million, and harvested acres are forecast at 37.9 million. National average yields are expected to rise to 52.2. bushels per acre.

Read more from the WASDE report here.