USDA lowers yield expectations
The USDA’s September crop production report last week was “mild” compared to the previous two reports that caused steep price declines for corn and soybeans, said DTN lead grain market analyst Todd Hultman.
The USDA slightly lowered its estimate for U.S. corn and soybean production from last month, although its forecast still came in above analyst expectations.
The lower production, along with reduced ending stocks in the World Agriculture Supply and Demand Estimates (WASDE), induced a 29-cent rally in November soybean futures on the report day, pulling up corn and wheat prices ...
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