News
USDA raises corn, soybean crop outlooks
The USDA has increased its expectations for this year’s corn and soybean crops.
Corn production is projected at 15.019 billion bushels with an average yield of 176.5 bushels per acre and new crop ending stocks of 1.5 billion bushels, all larger than expected and above the September estimates.
Soybeans are seen at a record 4.448 billion bushels with an average yield of 51.5 bushels per acre and new crop ending stocks of 320 million bushels, also all above pre-report estimates and the previous month’s projections.
The numbers remain highly variable, with harvest ongoing.
U.S. wheat ending stocks saw a slightly greater than expected cut to 580 million bushels thanks to reduced production and import estimates, which canceled out an anticipated decline in feed use.
Just after the release of the reports, soybean and corn continued to trade lower, while wheat moved fully higher.
The USDA’s next set of supply, demand, and production numbers is out Tuesday, November 9th at Noon Eastern/11 Central.
