Bullish report means higher prices

A bullish USDA report on Friday led to higher prices.

The corn harvested area was down a million acres with yields unchanged and ending stocks for 2020-21 went from 2.503 to 2.167 billion. The soybean harvested acres dropped 700,000 with yields unchanged and ending stocks went from 460 to 290 million bushels.

Once the report was issued late Friday morning, corn traded 5-6 cents higher, soybeans were 23-24 higher and wheat was around 3 cents higher.

Thanks to Merrill Crowley from First Choice Commodities in Watseka for providing the information.

Crop Production info released:

Corn production for grain is forecast at 14.7 billion bushels, down 1 percent from the previous forecast but up 8 percent from 2019. Based on conditions as of October 1, yields are expected to average a record high 178.4 bushels per harvested acre, down 0.1 bushel from the previous forecast but up 10.9 bushels from last year. Area harvested for grain is forecast at 82.5 million acres, down 1 percent from the previous forecast, but up 1 percent from the previous year. Acreage updates were made in several States based on a thorough review of all available data.

Soybean production for beans is forecast at 4.27 billion bushels, down 1 percent from the previous forecast but up 20 percent from last year. Based on conditions as of October 1, yields are expected to average a record high 51.9 bushels per harvested acre, unchanged from the previous forecast but up 4.5 bushels from 2019. Area harvested for beans in the United States is forecast at 82.3 million acres, down 1 percent from the previous forecast but up 10 percent from 2019. Acreage updates were made in several States based on a thorough review of all available data.