USDA raises yields in report

Yields were raised in Thursday’s USDA WASDE report issued late morning.

Corn carryout was 2.156 billion bushels which was above the expected 2.13. Wheat was at 684 billion bushels as 669 was expected. U.S. corn production came in above the expected 15.1 billion. Soybean carryout at 245 million bushels was above the expected 222, causing some pressure on the bean market.

Corn yield came in at 174.9 on Thursday, with 173.2 expected. Soybean production was 4.12 billion bushels which was not a huge increase.

“World soybean carryout actually went down, so that’s a little supportive behind the scenes,” said Roy Plote of Ag Market.net on the CIFN Midday Update.

The big market news Thursday was the flash sales of beans. Over a million metric tons of soybeans is going to China for the coming year and another 662,000 metric ton to an unknown destination. This might be one of the largest sales we have seen in a single day.

November crop production for Illinois:

Corn: Planted area is estimated at 11.2 million acres, up 4 percent from last year. Harvested area, forecast at 11.0 million acres, is up 4 percent from 2022. Based on November 1 conditions, the Illinois corn yield is forecast at 203 bushels per acre, down 11 bushels from 2022. Production is forecast at 2.23 billion bushels, down 2 percent from last year’s production.

Soybeans: Planted area is estimated at 10.35 million acres, down 4 percent from last year. Harvested area, forecast at 10.3 million acres, is down 4 percent from 2022. Based on November 1 conditions, the Illinois soybean yield is forecast at 61 bushels per acre, down 2 bushels per acre from last year. Production is forecast at 628 million bushels, down 7 percent from 2022.