For the second month in a row, the USDA is dialing back it's American and global corn estimates.
Yesterday's World Agricultural Supply and Demand Estimates report had U.S corn production at 15.1 billion bushels, down 36 million as yield forecasts were lowered.
Global corn production is now estimated 1.31 billion tons, down 5 million from last month. That, however, is still a record high.
The USDA says as a result, corn prices received at the farm are likely to go up 5 cents.
Global wheat production estimates are also lower than a month ago.
The dip of 1.6 million tons is mostly credited to a 2 million ton decline in Europe.
The WASDE report notes a 1 million ton increase in Canada as a reason why the decline was off-set.
World wheat stocks are now projected 700 thousand less than in September, but are still at record levels.
The department suggest the average price of wheat received by producers will likely increase by 10 cents a bushel.
Soybean production in the U.S. is projected to be 68 million bushels higher than estimated a month ago.
Average yields are 0.8 bushels higher than previously thought.
Global soybean production estimates are up 3.6 million tons. The USDA credits Canada, and Brazil along with the U.S. for the bump.
Price estimates remain unchanged from last month.
