Late last week, the USDA released its Crop Production and World Agricultural Supply and Demand Estimate Reports. USDA said the U.S. wheat outlook is for reduced supplies, slightly higher domestic use, unchanged exports, and decreased ending stocks. The season-average farm price dropped ten cents to $6.60 a bushel for wheat.
Meanwhile USDA is calling for higher corn and soybean production, with U.S. corn production forecast at 15 billion bushels, up 246 million bushels from last month , with soybeans production predicted to top out at 4.37 billion bushels, up 35 million.
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