The Department of Agriculture lowered corn production and yield estimates in its monthly World Agricultural Supply and Demand report released Tuesday. USDA dropped corn yield estimates to 166 bushels per acre, a 10 bushel drop from last month’s 176 bu. estimate, and lowered its corn production forecast 1.4 billion bushels to 13.68 billion. Projected corn acres were lowered from 92.8 million in May to 89.8 million due to widespread planting delays across the Corn Belt. Production, planted acres, and average yield forecasts for U.S. soybeans remain unchanged from last month. Soybean production is estimated at 4.15 billion bushels, with an average yield of 49.5 bushels per acre, spanning 84.6 million planted acres. Weather has also affected soybean planting, but the numbers remains unchanged. Total U.S. wheat production is estimated at 1.9 billion bushels, a 5.8 million increase over the May forecast. Planted acres are unchanged from last month at 45.8 million acres. Average wheat yield estimates were increased slightly from last month, from 48.6 to 48.7 bushels per acre.
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