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Mixed reaction to USDA report

USDA’s October Supply and Demand report issued Wednesday was considered to be neutral to the corn market but not so friendly for soybeans.

Total production, yield and ending stocks for 2016-17 were all right at the average trade guesses. Exports were increased 50 million bushels to 2.225 billion. Yields in both Illinois and Iowa were raised by two bushels in the report.

Soybeans reacted more negatively toward the information as U.S. soybean production was at 4.269 billion bushels with a national yield of 51.4 bushels per acre. These are both new records. Ending stocks for 2016-17 were estimated at 395 million bushels, up 30 million from September’s report but less than the expectations.

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