USDA increased U.S. 2023-24 corn production by 170 million bushels (mb) to 15.234 billion bushels (bb) — a surprise that was beyond pre-report estimates. If that holds, that breaks the 2016 production record. USDA also increased soybean production by 25 mb to 4.129 bb.
According to DTN Lead Analyst Todd Hultman, Thursday’s new-crop U.S. ending stocks estimates were bearish for corn and slightly bearish for soybeans and wheat. Hultman sees the world ending stocks estimates from USDA as bearish for corn and neutral for soybeans and wheat.
Source: governorsbiofuelscoalition.org
Photo Credit: gettyimages-luc-pouliot
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