Corn production is forecast at 14.626 billion bushels in the latest World Ag Supply and Demand Estimates. That’s down 152 million bushels on a lower yield forecast. In addition to lower production, USDA is forecasting reduced feed and residual use, lower exports, and smaller corn ending stocks. The season-average corn price received by producers is raised 10 cents to a midpoint of $3.60 per bushel. U.S. soybean production is forecast at 4.6 billion bushels, down 90 million on lower yields. USDA is forecasting lower exports and increased soybean ending stocks. The soybean yield projection is down to 52.1 bushels per acre. The U.S. season-average soybean price range is forecast at $7.60 to $9.60 per bushel, unchanged at the midpoint. The wheat supply forecast is unchanged for this month, with total use is raised seven million bushels on higher seed use that reflects increased projected wheat plantings in 2019-2020. The season-average farm price is unchanged at the midpoint of $5.10 per bushel and the range is narrowed to $4.90 to $5.30. Global wheat production and stocks numbers are also higher.