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USDA raises corn crop estimate but new-crop ending stocks now slightly below 2 billion bushels.
On average, analysts expected a modest decline in corn yield from September, though USDA increased the figure 0.2 bu., with production now estimated at 15.203 billion bu. Soybean production was pegged at 4.582 billion bu., using a yield of 53.1 bu. per acre.
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Corn, soybeans and wheat each saw modest gains in the overnight session as positioning led trading ahead of today’s USDA reports.
Corn, soybeans and the winter wheat market mildly favored the upside in quiet overnight trade ahead of USDA’s October crop reports later this morning.
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Corn and wheat saw relative strength most of the overnight session, though saw heightened selling pressure into the break. Soybeans favored the downside though traded within Wednesday’s range.
Corn and soybean sales during the week ended Oct. 3 totaled 1.222 MMT and 1.264 MMT, respectively.