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MARKET COMMENTARY

USDA Report Summary October 12, 2017

Thursday, October 12, 2017, 1:10 PM
Submitted by: Landus Cooperative


The CBOT ended the day today with corn up 3 to 4 and soybeans up 25 to 27.

 

Kind of a good news/bad news type of report, depending on what you look at.

Bean yield was reduced from 49.9 to 49.5, but acres were increased by 700,000.

Harvested corn acres reduced from 83.5 to 83.1 million; yield increased from 169.9 to 171.8.

 

In and of itself, corn info could be considered bearish, other than the world ending stocks.

Wheat was down 2-3 at the end, with ending stocks bumped up a bit.  Yield up/acres down.

Crude oil is also trading slightly lower today.

Full details below.

 

10/12/17 USDA Report Summary:

Crop Production (2017/18) – billion bushels

Corn  14.280 billion bushels – up 0.024 from average estimate 14.204 (Neutral)

Beans  4.431 billion bushels – down 0.016 from average estimate 4.447 (Neutral)

 

Crop Yield (2017/18) –  bushels per acre                                                                                    Sep. Report

Corn   171.80 bushels per acre – up 1.70 from average estimate 170.10 (Bearish)             169.91

Beans  49.50 bushels per acre – down 0.50 from average estimate 50.00 (Bullish)            49.90

  

ENDING STOCKS (2017/18) – billion bushels

Corn    2.340 billion bushels – up 0.051 from average estimate 2.289 (Neutral/Bearish)

Beans  0.430  billion bushels – down 0.017 from average estimate 0.447 (Neutral/Bullish)

Wheat 0.960 billion bushels – up 0.014 from average estimate 0.946 (Neutral/Bearish)

 

WORLD ENDING STOCKS (2017/18) – billion bushels

Corn    201.00 billion bushels – down 0.91 from average estimate 201.91 (Bullish)

Beans  96.10 billion bushels – down 0.38 from average estimate 96.48 (Neutral)

Wheat 268.10 billion bushels – up 5.30 from average estimate 262.80 (Neutral/Bearish)

 

 

 

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