Cash Strategist 10/18/2023
Based on the estimates going into the October crop report, the trade was expecting limited changes. The U.S. Department of Agriculture (USDA) did update production again in this month’s report as well as the balance sheets. Both corn and bean production were revised lower.
Corn yield was estimated at 173 bushels per acre, down 0.8 bushels per acre from last month. Iowa’s corn yield was lowered by 1 bushel per acre to 199 bushels per acre.
The national soybean yield was downgraded by 0.5 bushel per acre to 49.6 bushels per acre. If realized, this would equal last year’s national yield. Iowa’s bean yield remained steady for the month at 58 bushels per acre.
The USDA will update production again in November and then issue the final production figures in January.
As for balance sheets, corn ending stocks were lowered by 110 million to 2.111 ...
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