The Latest World Agriculture Supply and Demand report sent grain markets higher Tuesday.
The Department of Agriculture monthly corn outlook called for lower production, reduced corn used for ethanol, smaller feed and residual use and exports, and decreased ending stocks.
Corn production is estimated at 14.1 billion bushels, down 324 million on a lower yield and slight reduction in harvested area.
USDA raised the season-average corn price to $4.20 per bushel.
Soybean production is estimated at 4.1 billion bushels, down 35 million.
Harvested area is estimated at 82.3 million acres, up slightly from the previous report.
Yield is estimated at 50.2 bushels per acre, down 0.5 bushels.
With higher imports and slightly higher beginning stocks, soybean supplies are down 14 million bushels from last month.
The U.S. season-average soybean price for 2020/21 is projected at $11.15 per bushel, up 60 cents as cash prices in Central Illinois reach six-year highs.
Meanwhile, the outlook for U.S. wheat this month is for stable supplies, higher domestic use, unchanged exports, and lower ending stocks.
(Story Courtesy of the NAFB News Service)