USDA’s October supply and demand estimate update was released Friday morning.  Changes were within the range of expectations and didn’t result in dramatic price action.

Corn yield increased by 0.5 bpa up to 168.0 bpa but was offset by a 400,000 decrease in harvested acres.  The result was 30 million less bushels produced.  Demand was unchanged at 13.755 billion bushels.  Ending stocks were reduced to 1.561 billion bushels.

Soybean harvested acres were reduced by 1.1 million acres while yield increased by 0.1 bpa up to 47.2 bpa.  This resulted in 47 million bushels less production.  While crush increased 10 million bushels, projected exports were reduced by 50 million bushels.  The net result to ending stocks was a reduction of 25 million bushels down to 425 million bushels.

The full USDA WASDE report is available here.

Graphics courtesy of Advance Trading Inc.