Corn and Soybean Prices Fall on Increased Yields Report

Corn and Soybean Prices Fall on Increased Yields Report

 

Corn and Soybean Production Increases on Improved Yield Forecasts

The October World Agriculture Supply and Demand Estimates (WASDE) released by the USDA provided a fresh look at a turbulent farming situation for the 2021/22 crop year. Yields for corn and soybeans edged higher, while wheat yields continued lower. 

Beginning 2021/22 crop year stocks for corn were adjusted 49-million-bushels higher based on a 72 million reduction to 2020/21 supply and an 8 million bushel increase in exports, which was more than offset by domestic use being forecast 129 million bushels lower during the 2020/21 crop season. Corn production for 2021/22 is forecast 23 million bushels higher due to a 0.02 increase in yield per harvested acre. The expected corn yield moved from 176.3 bushels per acre to 176.5. Total 2021/22 supply is forecast 72 million bushels higher to 16.28 billion bushels. Food/residual corn demand was lowered 50-million-bushels while “food, seed &…

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