Just like the U.S. presidential election, Wednesday’s USDA crop production estimates outdid analysts’ projections with record estimates for corn and soybean production.
Here are the key numbers from Wednesday’s World Agricultural Supply and Demand Estimates report.
Corn yield of 175.3 bushels per acre, which is more than the average trade guess, according to Reuters, of 173.2 bushels per acre.
Corn production of 15.226 billion bushels, which is greater than the average trade guess of 15.041 billion bushels.
New corn ending stocks of 2.403 billion bushels, which is more than the average trade guess of 2.300 billion bushels.
Soybean yield of 52.5 bushels per acre, which is above the average trade guess of 52.0 bushels per acre.
Soybean production of 4.361 billion bushels, which is more than the average trade guess of 4.314 billion bushels.
New soybean ending stocks of 480 million bushels, which is greater than the average trade guess of 420 million bushels.
Wheat yield of 52.6 bushels per acre, and wheat production of 2.32 billion bushels, which will not be revised this month.
New wheat ending stocks of 1.43 billion bushels, which is more than the trade guess of 1.41 billion bushels.
The report raised corn use by 85 million bushels to 14.610 billion bushels. Feed and residual use was unchanged at 5.650 billion bushels. Corn exports also were unchanged at 2.225 billion bushels.