USDA forecasts U.S. corn acreage to increase to 83.6 million, up 1.2 million acres from the June WASDE report and the same figure reported on the June 28 Acreage report. The corn crop yield remained at 166.0 bushels per acre, 10.4 bpa less than a year ago. Accordingly, corn production is forecasted to be 13,875 million bushels, up 195,000 bushels from the June WASDE.
Also, the 2018/19 U.S. corn exports forecast was reduced to 2.1 million bushels, down 100 million bushels from the June report. Brazilian new crop exports are forecast at 34 million bushels, unchanged from June, while Argentinian exports are forecast at 33.5 million bushels, an increase of 1 million bushels from June.
In the futures market, Jul-19 contracts were up about 2 percent in the hours following the July WASDE release.