U.S. farmers cut winter wheat acreage to 107-year low
USDA also dialed back its harvest estimates for the U.S. soybean and corn crops but 2016/17 marketing year production of both commodities remained at record levels. Corn and soybean supplies rose to record levels following the bumper harvest during the fall.
U.S. winter wheat seedings fell to 32.383 million from 36.137 million a year earlier. That marked the smallest winter wheat acreage since 29.196 million in 1909 and the second lowest on record.
USDA lowered its U.S. corn production estimate for the 2016/17 marketing year to 15.148 billion bushels from its previous estimate of 15.226 billion bushels. Average corn yields were trimmed to 174.6 bushels from 175.3 bushels per acre.
For soybeans, domestic production was pegged at 4.307 billion bushels, down from the government's previous estimate of 4.361 billion bushels, with average yields lowered to 52.1 bushels per acre from 52.5 bushels per acre.
The production cuts caused USDA to drop its U.S. ending stocks outlook to 2.355 billion bushels for corn and 420 million bushels for soybeans.
USDA also lowered its outlook for world corn and soybean ending stocks despite forecasts for big South American crops.
It raised its Brazil soybean harvest forecast by 2 million tonnes to 104 million tonnes. ■