CHICAGO: The US Department of Agriculture lowered its US 2018 corn and soybean yield estimates on Thursday more than most analysts expected, and sharply raised its forecasts of Chinese and global corn ending stocks.
The government trimmed its projection of US 2018/19 corn production to 14.626 billion bushels, with an average yield of 178.9 bushels per acre (bpa), and cut its soybean crop forecast to 4.600 billion bushels, with a record yield of 52.1 bpa.
The USDA nearly doubled its forecast of world corn ending stocks to 307.51 million tonnes, from 159.35 million last month, reflecting a huge increase in its estimate of Chinese corn stocks, following revisions by the Chinese government.
For wheat, the USDA lowered its 2018/19 US ending stocks forecast to 949 million bushels, from 956 million, while analysts on average had expected a slight increase.
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