The USDA has raised its 2016 production outlooks for corn, soybeans, and winter wheat.
In June, the USDA increased its planted acreage figures, including record soybean acreage and the third highest corn planted area since 1944. Corn production is now expected to be 14.540 billion bushels with an average yield of 168 bushels per acre. Soybeans are seen at three-point-880 billion bushels with an average yield of 46.7 bushels per acre.
The USDA also lowered old crop corn and soybean ending stocks because of strong demand expectations, while raising the outlooks for new crop on those bigger production estimates.