Last night the USDA delivered the widely anticipated monthly WASDE report and raised US row crop yields by more than expected to a record 171.7 bpa for corn and record 46.6 bpa for soybeans. US wheat yields were unchanged at 43.9 bpa. The bearish aspect to the report for wheat though was a further increase to global production.
Summary of Key Points are –
- Global wheat production up to a record 720 Mmt. (Bearish)
- US Corn production & yields to be highest on record. (Bearish)
- World oilseed production to be record 538 Mmt. (Bearish)
Information courtesy of USDA & FAO.