For corn and soybeans, last week’s reports didn’t include any major surprises. For corn, the consensus forecast based on pre-report estimates was for both harvested acreage and yield to be revised down from the September figures. The actual figures from USDA pulled harvested acres down a little more than the pre-reports anticipated, but bumped the national average yield up by half a bushel. On balance, this month’s corn production estimate came in at 13.555 billion bushels: 30 million bushels lower than last month, but still bigger than the average pre-report estimate. Table 2 shows the complete U.S. corn balance sheet including last week’s revised estimates.
To see the complete crop report please click here: