On Wednesday, the USDA released the October World Agricultural Supply and Demand Estimates report to the trade and had most numbers in line with pre-report expectations. There were a few surprises however including soybean yield coming in at the low end of estimates. Below are some of the highlights:
USDA has the corn yield for the U.S. now at 171.9 bushels per acre (BPA), which is down from 172.5 BPA in September. Soybean yield for the U.S. was a surprise coming in at 49.8 BPA, down from 50.5 BPA last month and below the expectation of 50.6 BPA by the trade. Corn ending stocks are now at 1.172 billion bushels, soybeans ending stocks are at 200 million bushels and wheat ending stocks are at 576 million bushels. The wheat number is the lowest in 15 years.
Read the full report here: https://www.usda.gov/oce/commodity/wasde
Hear analysis and commentary from Arlan Suderman of StoneX below with Jesse Allen: