Soybeans Surprise in Latest WASDE Report

The November USDA World Agricultural Supply and Demand Estimates (WASDE) report showcased a few major surprises. Namely, a sharp rise in the soybean market after lower-than-expected ending stocks and lower yield and production estimates were announced. However, analysts note that soybean exports have been rather limp, which could lead U.S. soybean exports still being overstated. Corn and wheat showed little change in response to the report, but did manage to rally slightly. Previous estimates showed higher yield and production with lower ending stocks. As harvest draws to a close across much of the U.S., corn-harvested acres outlined in WASDE remained unchanged at 85.1 million acres. Meanwhile, corn global ending stocks increased 2.5 million metric tons (mmt). Argentinian corn production declined while the E.U. rose by 1.5 mmt. Read more on the latest WASDE report here.