IOWA -- The World Agriculture Supply and Demand Estimates (WASDE) report is out and has the corn and soybean take for mid-July.
Corn production is projected 195 million bushels higher at 13.8 billion bushels, based on increased planting data from the Acreage report. But there is still prevented planting data missing that will come out later in July.
National average corn yield is unchanged at 166 bushels per acre. The season average price is reduced ten cents for corn farmers to $3.70 cents per bushel.
Corn beginning stocks are raised 145 million bushels, showing lower use forecasts. Exports are reduced based on current outstanding sales and shipments, with inspection data for June the lowest for the month since 2013.
Soybean supply and use projections for the year have lower beginning stocks, production, exports and ending stocks.
Soybean production for 2019 to 2020 is projected at 3.84 billion bushels, down 305 million, from lower planted and harvested acreage estimates from the June report.
Harvested area is forecast at 79.3 million acres, down 4.5 million from last month, with planting progress still behind.
Soybean yield is forecast at 48.5 bushels per acre, down a bushel. The average price for beans are forecast up 15 cents, at $8.40 cents a bushel.
Soybean exports are reduced 75 million bushels, to 1.87 billion, because of more competition from South America. Soybean ending stocks are reduced from just over a billion last month, now projected at 795 million bushels.