October 12th USDA Report

October 12th USDA Report

The U.S. Corn, Soybean yields and production estimates jump slightly, as the trade expected. As a result, the corn, soybean markets dropped, following today’s release of the USDA Supply/Demand and WASDE Reports.

U.S. 2021/22 CROP PRODUCTION

In its report, the USDA pegged the U.S. Corn production at 15.01 billion bushels vs. the trade’s expectation of 14.9 billion and the previous estimate of 14.99 billion bushels.

The U.S. corn yield average was pegged at 176.5 bushels per acre vs. the trade’s expectation of 176 bushels per acre and the USDA’s previous estimate of 176.3.

For Soybeans, the USDA pegged output at 4.44 billion bushels vs. the trade’s expectation of 4.4 billion and the government’s September estimate of 4.37.

For yield, the soybean average is pegged at 51.5 bu./acre vs. the trade’s expectation of 51.1 bu./acre and the government’s previous estimate of 50.6.

2020/2021 U.S. ENDING STOCKS

For Corn, the USDA pegged the U.S. old-crop ending stocks at 1.23 billion bushels vs. the trade estimate of 1.18 billion bushels and the USDA’s September estimate of 1.18 billion.

For Soybeans, the U.S. ending stocks were 175 million bushels vs. the September estimate of 175 million bushels.

2021/2022 U.S. ENDING STOCKS

For Corn, the USDA pegged the U.S. new-crop ending stocks at 1.5 billion bushels vs. the trade estimate of 1.43 billion bushels and the September estimate of 1.40 billion bushels.

For Soybeans, the U.S. ending stocks were 320 million bushels vs. the trade that expected the USDA to print 300 million bushels today. In September, the USDA’s estimate was 185 million.

In its report, the USDA pegged the U.S. wheat ending stocks at 580 million bushels vs. the trade’s expectation of 576 million and compared with the September estimate of 615 million bushels.

2021/2022 WORLD ENDING STOCKS

On Tuesday, the USDA pegged the world’s Corn ending stocks at 301.7 mmt. vs. the trade’s expectation of 298.76 mmt. and the USDA’s September estimate of 297.6 mmt.

For Soybeans, the world ending stocks are estimated at 104.6 mmt. vs. the trade’s expectation of 100.7 mmt. and the USDA’s September estimate of 98.9 mmt.

For Wheat, the USDA pegged world ending stocks at 277.2 mmt. vs. the trade’s expectation of 280.82 mmt. and the USDA’s previous estimate of 283.2 mmt.