October WASDE Lowers Corn, Soybean Yields Slightly

Wednesday’s USDA World Agricultural Supply and Demand Estimates (WASDE) report posted slightly lower corn and soybean yields. The monthly WASDE report shaved corn production 49 million bushels down to 13.895 billion bushels. It also lowered expected yields by .6 bushels per acre, on target with pre-report estimates. Soybean yields were lowered to 49.8 bushels per acre, .7 lower than last month’s estimate.

Both corn and soybean planted and harvested areas remain unchanged at 87.5 million acres and 86.6 million acres, respectively. USDA estimates wheat ending stocks at 576 million bushels, the lowest estimate in 15 years yet above pre-report estimates. Overall, the report left the corn market neutral and slightly bullish for soybeans.

Read more on the October WASDE report here.