October USDA Supply & Demand

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The USDA surprised traders with larger U.S. corn and wheat production estimates than were expected. The corn yield was upped by 0.2 bushels per acre with total U.S. corn production now at 13.779 up from 13.684 estimated by traders.

Corn carryout was bigger than traders expected albeit smaller than last month.

The USDA bean estimate came with smaller production and carryout estimates than traders expected. The bean carryout estimates were also smaller than the last USDA estimates and what traders expected.

The corn and wheat markets fell quickly after the numbers were released. Beans took a moment before the buying took prices up to new highs for this move.


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These data and comments are provided for information purposes only and are not intended to be used for specific trading strategies. This commentary is written as a daily marketing tool to help farmers sell the grain they raise. Although all information is believed to be reliable, we cannot guarantee its accuracy or completeness. Past performance and testimonials are not necessarily indicative of future results. Commodity trading involves the risk of loss, and you should fully understand those risks before trading.