July 10, 2020 / 4:33 PM / a month ago

USDA cuts U.S. corn production view, raises soy harvest outlook

CHICAGO, July 10 (Reuters) - The U.S. government lowered its forecast for the corn harvest by 6.2% on Friday as farmers dialed back their planting from their original plans, though the largest-ever yields were still projected.

Corn production for the 2020/21 marketing year was pegged at 15.000 billion bushels, based on a yield of 178.5 bushels per acre, the U.S. Agriculture Department said in its monthly supply and demand report. That compares with the government’s June estimate of a 15.995 billion bushel harvest and yields of 178.5 bushels per acre.

Soybean production was seen at 4.135 billion bushels, up from the June outlook for 4.125 billion bushels. Average yield expectations were unchanged at 49.8 bushels per acre. (Reporting by Mark Weinraub )

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