Prices jump in response to report
Soybean prices jumped while corn and wheat were also higher following Tuesday morning’s USDA November supply and demand report.
The U.S. 2020-21 corn ending stocks are pegged at 1.702 billion bushels compared to the trade estimate of 2.03 billion and the October USDA estimate of 2.167 billion. The government has the soybean ending stocks at 190 million bushels, compared to trade expectations of 235 million bushels while the USDA October estimate was 290 million.
USDA has the wheat ending stocks at 877 million bushels versus the trade estimate of 881 million with the October number at 883 million bushels.
The following is information on Illinois Crop Production from USDA:
Corn: Planted area is estimated at 11.4 million acres, up 9 percent from last year. Harvested area, forecast at 11.2 million acres, is up 10 percent from 2019. Based on November 1 conditions, the Illinois corn yield is forecast at 195 bushels per acre, down 5 bushels from last month but up 14 bushels from 2019. Production is forecast at 2.18 billion bushels, up 18 percent from last year’s production.
Soybeans: Planted area is estimated at 10.30 million acres, up 4 percent from last year. Harvested area, forecast at 10.25 million acres, is up 4 percent from 2019. Based on November 1 conditions, the Illinois soybean yield is forecast at 58 bushels per acre, up 4 bushels from 2019. Production is forecast at 595 million bushels, up 12 percent from 2019.