The agency, in a monthly article, pegged the soybean crop at 4.378 million bushels, with an average yield of 50.5 bushels per acre. Analysts, on average, had expected production of 4.496 million bushels and a yield of 51.5 bushels per acre, according to a Reuters poll. In August, the USDA estimated the crop at 4.531 million bushels and the yield at 51.9 bushels per acre.
The most active soybean contract jumped 4.2% to $571.35 a tonne and hit its highest price since June 30.
For its part, The most active corn contract was up 2.2% at $281.09 and hit its highest price since June 27. Wheat futures, meanwhile, They fell 1.9% to $307.54.
US farmers will likely harvest a corn crop of 13.944 million bushels, based on an average yield of 172.5 bushels per acre, the USDA said. Analysts had expected a crop of 14.088 million bushels, with a yield of 172.5 bushels per acre.
The report cut the USDA outlook for US corn ending stocks in 2022/23 to a 10-year low of 1.219 billion bushels, from 1.388 billion. Soybean supplies were seen at a seven-year low of 200 million bushels.
“I think a lot of people, going into the harvest, now think there’s a strong incentive to store grain because they think there’s going to be an upward movement next year,” said Bob Utterback, president of Utterback Marketing.
Source: Ambito
David William is a talented author who has made a name for himself in the world of writing. He is a professional author who writes on a wide range of topics, from general interest to opinion news. David is currently working as a writer at 24 hours worlds where he brings his unique perspective and in-depth research to his articles, making them both informative and engaging.
