USDA raises estimates
Estimates for corn, soybean and wheat crops were raised by USDA in Tuesday’s report.
The projected corn exports increased to 2.05 billion bushels from the earlier estimate of 1.95 billion, mainly due to a smaller Brazilian crop which will turn foreign buyers to the U.S. The U.S. soybean price season average for 2016-17 is projected at $8.75-$10.25 per bushel, which is unchanged from last month.
The projected 2016-17 season average on corn was lowered by 10 cents to a range of $3.10-$3.70 a bushel.
Illinois Crop Production info released:
Winter wheat: Harvested area in 2016 is forecast at 520,000 acres, the same as the previous year. The winter wheat yield is forecast at a record high 75 bushels per acre, up 10 bushels from 2015. Production is forecast at 39.0 million bushels, 15 percent above the previous year.