The USDA’s new corn and soybean production projections came in below pre-report estimates and were down on the month, but both are currently expected to larger than a year ago. That will depend on several factors, especially August weather, and both corn and soybeans will need trend-line or better yields to meet demand projections and limit further price inflation for end users.
As of August 1st, corn production is expected to be 14.75 billion bushels, up 4% from 2020, with an average yield of 174.6 bushels per acre higher, which would be up 2.6 on the year.
