In a surprising move, USDA lowered the soybean yield, harvested acres and production in the September WASDE report. That sent the soy complex rocketing higher on Monday amid that bullish news. The trade also lowered corn yield, production and harvested area on the report as expected. The national soybean yield estimate now stands at 50.5 bushels per acre, down 1.4 bpa from August. Corn is now at 172.5 for a national average, down 2.9 bpa from August. Corn production is down eight percent from last year, forecast at 13.9 billion bushels, while soybean growers are expected to decrease their production one percent from 2021, forecast at 4.38 billion bushels. Meanwhile, cotton production is down 21 percent from 2021 at 13.8 million 480-pound bales.
Farm and Ranch Director Jesse Allen has our closing report: https://lightningstream.com/ajax/GetODFile.ashx?call=MIDWEST&fileid=1406
More analysis with Jesse Allen and John Heinberg of Total Farm Marketing on Monday’s episode of Market Talk. Also, a listen into our Midday Commentary in segment one with Arlan Suderman of StoneX immediately after the release of the September WASDE report.