USDA released the October WASDE reports Wednesday.  Adjustments were along expectations of higher soybean yield and ending stocks and lower corn yield and ending stocks.

The record soybean yield grew by 0.8 bpa up to 51.4 bpa resulting in 68 million more bushels of production.  Total soybean production is now projected to be 4.269 billion bushels.  Usage also increased by 40 million bushels as exports are now projected to be 2.025 billion bushels.  Ending stocks increased by 30 million bushels up to 395 million bushels.

Corn yield decreased by 1 bpa down to 173.4 bpa.  This reduction was partially offset by an increase of 200,000 harvested acres.  Production declined by 22 million bushels down to 15.057 billion bushels.  Corn exports also increased by 50 million bushels up to 2.225 billion bushels.  Export facilities will be very busy this year!  Ending stocks declined by 64 million bushels down to 2.320 billion bushels.

Read the complete WASDE report here

Graphics courtesy of Advance Trading Inc.