USDA unexpectedly raised its corn production forecast Friday, projecting larger supplies than analysts anticipated in its October World Agriculture Supply and Demand Estimates. USDA increased its estimated national corn yield by 2.7 bushels per acre to 181.2 bushels, up from September's forecast of 178.5 bushels. According to DTN, the increase pushed projected corn production to 16.03 billion bushels, compared with 15.8 billion bushels last month. USDA also raised projected corn ending stocks by 282 million bushels to 1.849 billion bushels, substantially above the average trade expectation of 1.677 billion bushels. Soybean production was increased to 4.562 billion bushels, with average yields projected at 53.1 bushels per acre. Soybean ending stocks increased slightly to 315 million bushels. Wheat ending stocks were raised to 740 million bushels. The larger corn supply outlook could pressure grain prices as farmers continue harvesting the nation's 2026 crops.
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