USDA increased its new crop corn production forecast by 45 million bushels but soybean production took a hit to the tune of 135 million bushels. Based on a bump in harvested acres and higher yields, wheat supplies could tally another 44 million bushels. The forecast for the 2022/23 cotton crop shows higher planted acres, but abandonment is on track to be the third highest on record at 31.5%.
In order to offset the loss of soybean production due to fewer planted acres, USDA needed to reduce old crop stocks, take soybean crush demand lower and trim the soybean export forecast, says Brian Splitt of AgMarket.Net.
Have you “herd?” It’s National Cow Appreciation Day! While both beef and dairy farmers appreciate their animals each and every day, the second Tuesday in July serves as a day of national recognition.
