USDA: Corn Production, Supplies Fall
Traders are adjusting to bullish updates to balance sheet
In its June World Agriculture Supply and Demand Estimates report, USDA slashed corn output, but left soybeans unchanged, reports AgWeb.
In the WASDE report narrative, USDA economists wrote: “Unprecedented planting delays observed through early June are expected to prevent some plantings and reduce yield prospects."
USDA will release its Acreage Report on June 28, which will provide survey-based indications of planted and harvested area.
Read the full WASDE report here.