Once again, the USDA went against expectations for the monthly World Agricultural Supply and Demand Estimates (WASDE) report. The major surprise in the October WASDE was the increase of the corn yield by 2.7 bushels per acre to 181.2 bpa, which raised production estimates.
Allendale commodity broker Greg McBride said this data notably lacks information from states like Iowa, which started harvest late due to rain.
McBride said this also raises ending stocks for corn, which was a bearish move for the markets and almost caused a limit down move to end the day.
The soybean markets saw much more minor adjustments, which was slightly bearish as well. McBride said the soybeans moved significantly lower at first, but they closed slightly positive.
The team at Allendale can be reached by calling 800-262-7538, or you can visit allendale-inc.com.
