The USDA’s November World Agricultural Supply and Demand Estimates (WASDE) show increased corn and soybean production compared to the previous report.
The corn outlook is for larger production, domestic use, exports, and ending stocks. Corn production is up 170 million bushels from last month on a 1.9-bushel increase in yield to 174.9 bushels an acre. Corn ending stocks are up 45 million bushels to 2.2 million. The season-average corn price is down 10 cents to $4.85 a bushel.
The soybean outlook shows increased production and ending stocks. Soybean production is forecast at 4.13 billion bushels, a 25 million increase on higher yields. Ending stocks rose to 245 million bushels. The season-average soybean price is unchanged at $12.90 per bushel.
The wheat outlook calls for larger supplies and decreased domestic use. Ending stocks are projected to rise by 14 million bushels to 684 million. The season-average farm price dropped a dime to $7.20.
Click below to hear Karl Setzer with Consus Ag Consulting provide further analysis of the USDA’s November WASDE report and its impact on the grain and livestock markets on Thursday, Nov. 9.