USDA left unchanged its estimate for feed and ethanol usage and dropped its estimate for corn exports.
Iowa State University Ag Economist Chad Hart says he expects corn prices to remain in the mid-seven dollar range.
Soybean acreage was increased by 1.1 million planted and harvested acres and yield projection was bumped up two-and-a-half bpa to 37.8. Total production was put at 2.86 billion. But Hart notes that USDA also raised its export projections, meaning soybean prices should improve in the weeks to come.
Our interview with Chad Hart can be found on our website.