The corn side of the domestic October balance sheets came out mostly as expected. Corn yield was left nearly unchanged at 178.4 bushels per acre, but we did see a decrease in harvested acres of 1 million from September. 

This is expected to give the U.S. a corn crop of 14.72 billion bushels, compared to the 14.9 billion bushels from the September report. Usage adjustments decreased corn demand by 100 million bushels to give us a new carryout estimate of 2.167 billion bushels, down from the previous estimate of 2.5 billion bushels. 

More noticeable changes were made to the soybean balance sheets, and the market reacted accordingly. This year’s U.S. soybean crop is now estimated at 4.27 billion bushels, 45 million less than predicted in September. 

Soybean yield was left unchanged at 51.9 bushels per acre, but same as with corn, we had a sizable reduction to harvested acres of 700,000. We also had an increase in soybean demand of 74 million bushels, mainly from exports. Soybean ending stocks are now...