USDA released the October WASDE report at 11am CST this morning and it contained a few numbers of note, but mostly was within pre-report expectations. Below is commentary with Arlan Suderman of StoneX on the report with Jesse Allen. Also more from DTN below.
OMAHA (DTN) — USDA increased the 2021-22 soybean yield by nearly a bushel to 55.5 bushels per acre (bpa) on Tuesday, increasing soybean production to 4.448 billion bushels (bb) while also increasing corn yield slightly, raising corn production for the 2021-22 corn crop to 15.019 bb.
USDA also dropped 2021-22 wheat ending stocks to 580 million bushels (mb), the lowest ending stocks in 14 years, based largely on lowered production.
USDA on Tuesday released the monthly World Agricultural Supply and Demand Estimates (WASDE) for October.
According to DTN Lead Analyst Todd Hultman, Tuesday’s new U.S. ending stocks estimates were bearish for corn and soybeans, neutral for wheat, while Tuesday’s world ending stocks estimates were bearish for corn and soybeans but bullish for wheat.