In the crop production report from the USDA released this week, Corn production for 2015 to 2016 was estimated 0.9 bushel per acre lower to 168.4. Harvested area was raised slightly and total production is estimated to be the third largest crop at 13.6 billion bushels.
Ending stocks are estimated at 17 million bushels higher at 1.8 billion, the highest levels since the 2005-2006 marketing year. Price range estimated are placed beaten $3.30 to $3.90 a bushel. Global corn ending stocks are estimated at 2.9 million tons lower, to 28.9 million tons, still a record with China holding more than half.
Soybean production is estimated at 3.93 billion bushels, down 51 million on lower harvested area and yields. Harvested area is estimated at 81.8 million acres, down 0.6 million from the previous forecast.
Yield is estimated at 48.0 bushels per acre, down 0.3 bushels, but still a record. With lower supplies, exports are reduced 25 million bushels to 1,690 million. Ending stocks are projected at 440 million bushels. Farm price is estimated at $8.05 to $9.44 per bushel.