WASDE Data Keeps Pressure on Corn, Soybeans
DES MOINES, Iowa (Agriculture.com)--The U.S. is sitting on more corn and soybean stocks than estimated, according to the WASDE/USDA Friday.
As a result, the CME Group Dec. corn futures dropped 6 cents, Nov. soybeans fell 19 cents, and Sep. wheat is off 14 cents.
In its July reports, the agencies have released market-bearish data, according to traders.
USDA sees the 2013-14 U.S. corn carryout at 1.246 billion bushels, vs. the trade's expectations of 1.232 billion bushels and the USDA's June estimate of 1.146 billion.
For soybeans, 2013-14 U.S. soybean carryout estimates totaled 140 million bushels vs. the trade's expectations of 128 million bushels and the USDA's June est. of 125 million.
For the 2014-15 marketing year, the USDA sees the U.S. corn carryout at 1.801 billion bushels vs. the trade's expectations of 1.774 billion bushels and the USDA's June 1.726 bill.
In its report, the 2014/15 U.S. soybean carryout was pegged at 415 million bushels, vs. the trade's expectations of 418 million bushels and the USDA's June 325 million.
U.S. crop production
The national average corn yield remains projected at a record 165.3 bushels per acre. Favorable early July crop conditions and weather support an outlook for record yields across most of the Corn Belt, however, for much of the crop, the critical pollination period will be during middle and late July. At the projected 13,860 million bushels, this year’s crop remains just 65 million bushels below last year’s record.
The soybean yield is projected at 45.2 bushels per acre, unchanged from last month.