(WASHINGTON D.C.)– The September World Agricultural Supply and Demand Estimates report out on Thursday calls for a slightly higher corn yield estimate for this fall’s U.S. crop while the soybean yield stayed unchanged from last month.
USDA said they expect U.S. corn yield to be 183.6 bushels per acre (bpa), up slightly from last month’s estimate of 183.1 bpa and above pre-report expectations. Meantime, they left their soybean estimate the same as the August report at 53.2 bpa. Also, corn and soybeans ending stocks both came in lower on this month’s report according to USDA. Corn ending stocks fell to 2.057 billion bushels, down from last month’s estimate of 2.073 billion. Soybean ending stocks came in at 550 million bushels, 10 million below the August estimate and almost 15 million bushels below pre-report expectations.
USDA also raised old-crop soybean crush by five million bushels, that helped lower old-crop ending stocks by a similar amount.
The wheat balance sheets were left unchanged domestically with ending stocks pegged at 828 million bushels according to USDA. The world balance sheet for wheat did move higher, even as EU wheat production was cut by four million metric tons (MMT) while Australian production move two million metric tons higher this month.
USDA also made no changes to Brazil or Argentina’s 24/25 crop production outlook while they did lower Argentine 23/24 soybean production from 49 mmt to 48.1 mmt.
You can view the full September WASDE Report here: https://www.usda.gov/oce/commodity/wasde
Listen below for instant reaction and WASDE analysis with Arlan Suderman, Chief Commodities Economist at StoneX:
