US soybean 18/ 19 yield estimate lowered to 52.1 bushels / acre down from 53.1 bushels / acre previously. If realised these would still be the largest ever despite the cut. US stocks are also seen increasing as the US / China trade dispute continues – end stocks seen at 955 million bushels extending their record high.
US corn production for 18/19 based on average yield of 178.9 bushels per acre – lower than the 180.8 bushels / acre forecast last report.
USDA also nearly doubled its estimate of world corn supplies to 307.51 million tonnes, following China’s sharp revision to its production data for the past 10 years. 2018/19 global soybean ending stocks at 112.08 million tonnes and global wheat ending stocks at 266.71 million tonnes.