Many were wondering if the USDA would lower yields due to the slow planting pace and wet weather, and USDA officials did take it down a bit when it comes to corn, moving numbers to the trend line. It puts production at 15.03 billion bushels, with an average yield of 176 bushels per acre.
That's down a half bushel from the previous estimate. It also put new crop ending stocks at 2.485 billion bushels.
Taking a look at soybeans, USDA also lowered the estimate a bit. It puts current production at 4.15 billion bushels. Yield is at 49.5 bushels per acre and ending stocks at 970 million bushels.
As for wheat, production for all wheat is expected to be 1.897 billion bushels. It equals 48.6 bushels per acre. Ending stocks would be 1.141 billion bushels.
Read the full report here.