USDA lowers corn and soybean estimates by just 1%

In Washington, Reuters reports that the US Department of Agriculture’s latest World Agriculture Supply and Demand Estimates and Crop Production reports see corn and soybean production falling 1% compared to previous estimates, but the figures are still a lot higher than what many believe due to crops being planted late following wet weather this spring and floods later damaging early growing stages. The figures also included a 25 million bushel cut to ethanol usage of corn, which increased the estimate for ending stocks.