The USDA raised its estimate for 2020 soybean production, while reducing the outlook for corn.
2020 soybean production is now 4.216 billion bushels, an increase of 80.825 million bushels from the initial guess in January, with an average yield of 51 bushels per acre, compared to 50.2 earlier this year, and higher planted and harvested area, now at 83.354 million and 82.603 million acres, respectively.
Corn is now pegged at 14.112 billion bushels, a reduction of 71.03 million bushels, with a yield of 171.4 bushels per acre, compared to the prior projection of 172, along with lower planted and harvested acreage.
