Industry sees U.S. corn production up, soybean down
Ahead of Monday’s July WASDE, the industry is expecting 2021/22 U.S. corn production up by over 117.5 million bushels from the previous forecast as higher acreage more than offsets a slight drop in yield. The industry also expects USDA to lower its 2020/21 corn ending stocks by about 36 million bushels.
U.S. corn ending stocks for 2021/22 are expected to rise just 4 million bushels to 1.361 million bushels despite higher production, suggesting stronger exports and/or domestic consumption.
For U.S. soybeans, the average industry estimate for 2021/22 production was 13 million bushels below USDA’s June forecast of 4.405 billion bushels on a slight yield drop.
No change is expected in the 2020/21 soybean carryout estimate, but the average industry forecast for 2021/22 soybean stocks was some 8 million bushels below USDA’s June forecast.
U.S. corn production by season
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