News & Publications
November 14, 2023 |
Stock shock: USDA report depresses prices
The November WASDE report delivered some surprises contrary to pre-report yield expectations. If you haven’t heard by now, let’s recap: USDA increased its corn yield estimate from 173.0 bushels per acre in October to 174.9 bpa and also added three tenths of a bushel to the soybean yield.
The former exceeded the trade average by 1.6 bpa, which skewed to the low side while the soybean yield matched the trade average.
From a supply perspective, the new corn number added 160 million bushels to availability for a not-so-small 1.49-billion-bushel increase compared to the 2022-23 crop.
