The USDA has slashed its’ projection for 2020 corn production and raised the outlook for soybeans slightly. Those changes follow the June 30th planted area totals, with showed lower than expected corn acreage against an increase for soybeans.
Corn production is pegged at 15 billion bushels, down 995 million from the June supply and demand report, pulling the new crop ending stocks guess down 855 million bushels from last month to a still bearish 2.648 billion bushels.
