One of the first looks at the 2018-19 crop production projects the U.S. corn crop at 14.04 billion bushels with an average yield of 174 bushels per acre. Ending stocks forecast at 1.682 billion bushels, down 500 million bushels from the 2017-18 crop.
Old crop ending stocks for corn are unchanged from the April forecast at 2.18 billion bushels.
Brazil's corn crop was pegged at 87 million metric tons, down 5 mmt from April's projection.
Soybean production is projected at 4.28 billion bushels with an average yield of 48.5 bushels an acre.
Old crop ending stocks are projected at 530 million bushels, down 20 million bushels from last month's projection.
USDA bumped up Brazil's soybean production to 117 million metric tons, up 2 million metric tons from the April report. Argentina's production was dropped again to 39 mmt, down 1 mmt from April.
All Winter Wheat is projected at 1.19 billion bushels, down 6% from a year ago. The winter wheat yield is projected at 48.1 bushels per acre, down 2.1 bushels from last year.
Hard Red Winter Wheat is projected at 647 million bushels, slightly above the pre-report average estimate. Hard Red Winter Wheat production is forecast to be down 14% from last year's crop.
Soft Red Winter Wheat is projected at 315 million bushels, up 8% from a year ago. White Winter Wheat is projected at 229 million bushels.