(WASHINGTON D.C.)– On Thursday, USDA released the latest World Agricultural Supply and Demand Estimates. The November WASDE includes updated producer surveys and field data as many farmers have wrapped up or are close to wrapping up fall harvest.
USDA says the average national corn yield is expected to be 174.9 bushels per acre (bpa) which came in well above trade expectations of 173.2 bpa. That corn yield is up almost two bushels from the October estimate. The soybean yield estimate this month was slightly higher than October coming in at 49.9 bpa in November’s report. U.S. corn and soybean ending stocks both rise this month with corn up to 2.156 billion bushels and soybeans moving up to 245 million bushels.
Feed usage for corn went up 50 million bushels and ethanol usage went up 25 million bushels on the report as well this month.
Wheat ending stocks rose 14 million bushels to 684 million bushels on the November report as USDA raised U.S. wheat imports by 10 million bushels and food use dropped by 4 million bushels to get to that increased ending stocks number.
On the world side, USDA also raised Brazil’s soybean crop estimate for 23/24 to 163 million metric tons. They also raised the 22/23 harvest number to 158 million metric tons. Virtually no changes to Argentina’s production except their wheat crop was cut 15 mmt from last month’s estimate.
View the report here: https://www.usda.gov/oce/commodity/wasde
Analysis from Arlan Suderman, Chief Commodities Economist at StoneX is below: