Agriculture News
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USDA raises corn crop estimate but new-crop ending stocks now slightly below 2 billion bushels.
On average, analysts expected a modest decline in corn yield from September, though USDA increased the figure 0.2 bu., with production now estimated at 15.203 billion bu. Soybean production was pegged at 4.582 billion bu., using a yield of 53.1 bu. per acre.
Corn, soybeans and the winter wheat market mildly favored the upside in quiet overnight trade ahead of USDA’s October crop reports later this morning.
Corn and soybean sales during the week ended Oct. 3 totaled 1.222 MMT and 1.264 MMT, respectively.
Winter wheat markets traded moderately higher overnight, while corn and spring wheat posted mild gains. Soybeans pivoted around unchanged overnight.
Corn and soybean basis declined as harvest remained rapid.
Wheat futures extended Tuesday’s gains overnight, while the corn and soybean markets rebounded from their losses.