In the 11 AM release from the USDA, we see the information at the bottom of the page from the Worldwide Agriculture Supply and Demand Estimates (WASDE) report.
There is a lot to digest, but for the most part, with regard to corn, the expected yield and production numbers are in line with market expectations. Harvested acres, at 83.5 million is higher than many expected. The U.S. ending stocks for 2019/20 and 2020/21 are in line with expectations, but world ending stocks for 2020/21 at 306.79 million metric tons (MMT), are significantly below the average estimate of 324.84 MMT.
For soybeans, U.S. production, yield, and harvested acres are in line with expectations. The U.S. ending stocks for 2019/20 and 2020/21 are both lower than the average trade estimate. Worldwide ending stocks for both years are in line with expectations.
As of about 11:20, soybeans are up about 15 or so, and corn is about 1 or 2 higher. We continue to believe that this is a GREAT opportunity to price soybeans. Please consider making a sale or adding to your sales at this time. Leave us an offer if there is a particular price you are looking for.
Here is the data: