USDA increases corn, soybean production estimates

Soybean ending stocks expected to be smaller than USDA estimates.

Increases to U.S. corn acres, both planted and harvested, led to higher production and, thus, lower price forecasts in the U.S. Department of Agriculture's “Crop Production” and “World Agriculture Supply & Demand Estimates” reports released July 12. Despite a 30 million bu. overall increase in demand, corn price forecasts for the 2016-17 crop year fell 10 cents to $3.40/bu.

USDA projected a 100 million bu. increase in corn exports to 2.05 billion bu. If realized, this would be

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