The monthly World Agricultural Supply and Demand Estimates, released Friday by USDA’s Office of the Chief Economist, increased corn supply for the start of the new marketing year, largely driven by the 600,000 additional acres farmers planted.
USDA dropped the soybean supply due to a 400,000-acre decrease in soybeans planted but bumped up the cotton supply despite a 530,000-acre decrease.
Yield expectations for corn and soybeans were increased by 1%, while cotton yield expectations increased by 12% compared to last month’s report. Wheat yields remain unchanged compared to last month.
Read the full American Farm Bureau Market Intel report here.
