The U.S. Department of Agriculture raised its estimates for corn and soybean production from a month earlier on Monday, adding to expectations of hefty global supplies of both crops.

The agency raised its estimate for the 2024/25 soybean crop to a record 4.589 billion bushels, above 4.435 billion bushels seen last month and exceeding 4.469 billion bushels expected by analysts.

USDA forecast a 2024/25 corn crop of 15.147 billion bushels, up from 15.1 billion bushels in July and above analysts expectations of 15.112 billion bushels. The corn crop would be the third biggest in U.S. history.

Source: Reuters