Report friendly for corn

Thursday’s USDA report took 150 million bushels off of the 2020-21 ending corn stocks and made no changes to the 2021-22 crop, except to reduce ending stocks by 150 million.

USDA increased 2020-21 soybean ending stocks 15 million and increased 2021-22 ending stocks by 15 million bushels to 155 million bushels. The wheat stocks were down 4 million from the May report.

Following the report’s release on Thursday morning, corn traded higher but soybeans and wheat were lower.

Illinois Crop Production report:

In Illinois, the winter wheat harvested area in 2021 is forecast at 650,000 acres, up 130,000 from the previous year. The winter wheat yield forecast is 75 bushels per acre, up 7 bushels from 2020. Production is forecast at 48.75 million bushels, up 38 percent from last year.