USDA Reports Increase in Corn and Soybean Yields Amidst Challenging Weather

The US Department of Agriculture (USDA) released the monthly World Agricultural Supply and Demand Estimates, which surprised agricultural analysts. It was anticipated that yields for corn and soybeans would decrease, but USDA reported "a slightly higher production, reduced food, seed, and industrial use, larger feed and residual use, lower exports, and smaller ending stocks" for corn. On the other hand, soybean production is estimated at 3.56 billion bushels, up 8 million on a higher yield.

Farmers are attributing the increase in yields of crops to genetics. Even with less-than-ideal weather conditions, corn and soybeans can still produce more. USDA previously reported in 2018 that 92% of US corn and 94% of soybeans were genetically modified.