The USDA World Agricultural Supply and Demand Estimates (WASDE) report only made minor adjustments to corn and soybean estimates. Corn production is expected to exceed 15.2 bushels for the second time on record. The increased forecast is due to an expected 183.3 bushels per acre yield. The harvest area is projected to stay the same at 82.7 million acres.

The USDA also increased total corn usage by 15 billion bushels due to exports. Ending stocks were trimmed to 1.999 billion bushels. The season-average farm price held steady at $4.10 per bushel.

Fractional cuts to soybean yields and production place the yields at 53.1 bushels per acre and the volume at 4.582 billion bushels. The ending stocks are forecast to remain unchanged at 550 million bushels, while the average price for soybeans held steady at $10.80 per bushel.

The USDA lowered all-wheat production estimates to 1.971 billion bushels. Higher feed and residual use increased domestic use estimates to 120 million bushels. Exports held steady at 825 million bushels. This would leave ending stocks at 812 million bushels. This is 17% above last year. The season-average farm price remains at $5.70 per bushel.

Read more from the WASDE report here.