The U.S. Department of Agriculture released its latest World Agricultural Supply and Demand Estimates this week. The report showed lower production and supplies of wheat, higher corn exports, and higher soybean production.
Here are three facts you should know about the wheat, corn and soybean supply and demand estimates:
- Production for 2016-17 is lowered 11 million bushels.
- Exports are raised 25 million bushels.
- Global wheat supplies are lowered 1.6 million tons.
- Corn production is forecast at 15.057 billion bushels, down 36 million from last month.
- Corn supplies are down slightly to 16.845 billion bushels.
- Exports are raised 50 million bushels.
- Soybean production is forecast at 4,269 million bushels, up 68 million.
- Soybean yield is projected at 51.4 bushels per acre, up 0.8 bushels.
- U.S. soybean exports are projected at 2,025 million bushels.