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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.