Tuesday’s September USDA report was considered bearish, with a drop in prices following the report.
Corn, soybeans and wheat markets were all lower after the report was issued late morning since the government has come up with a 0.4 bushels per acre increase in corn yield and a 0.5 increase in soybeans with no acreage changes for either crops.
USDA has the nation’s corn average yield at 169.9 bushels per acre versus the average trade estimate of 168. Last month’s estimate was 169.5. With soybeans, the average estimate is 49.9 bushels per acre with the average trade estimate of 48.8 and the August USDA predication of 49.4.
2017-18 corn stocks are at 2.335 billion bushels with soybean ending stocks at 475 million. Wheat ending stocks were estimated at 933 million bushels.