That bumps up estimated harvested acres as well to The moves on yield and acreage increase corn production for the new crop year, , to USDA pegs ending stocks for at 1. Looking at demand, USDA, raised feed and residual use 75 mb to 5.
Exports were also raised 75 mb to 2. USDA also increased the old-crop ending stocks by 70 mb, bumping it to 1. USDA lowered old-crop food, seed and industrial use and ethanol use to bring down the total use for the old crop. Globally, USDA forecasts the world ending stocks at USDA raised global estimated production For old-crop corn, world ending stocks came in at The Brazilian production forecast -- still looking at the old crop from -- was lowered 1 mmt to 86 mmt.
Argentina's production was increased 1. China's purchases will be the big wildcard again. Judging by the high price of soybeans in China, it looks like another year of record purchases is possible, but so far, China's actual purchases of U.
Argentina is expected to end its current season with mb on March 31, On Sept. If the survey is correct, it would be the lowest ending wheat stocks in 14 years, a strong argument supporting spot KC wheat prices currently trading near their highest level in over seven years.
Among wheat classes, the tightest U. Traders will especially watch for USDA's estimate of hard red spring HRS ending wheat stocks in Tuesday's report, now set at mb and already the lowest in 14 years.
USDA also further reduced global wheat imports into the U. This would be the smallest amount of wheat ending stocks the U. Before that, it would be , when ending stocks were million bushels. However, the impact to the new marketing year, when record soybean production is expected, means much higher than originally reported soybean supplies with little demand change, thus increasing stocks in both marketing years and slowing price increases.
For corn, the increase to old corn stocks will carry over into the new marketing year with increased corn yields. If demand for the new crop year remains stagnant and harvest is not interrupted by weather, prices could drop. With estimates this month implying more grain than expected, except in wheat, there is little worry over too-low corn and soybean stocks. Contact: Shelby Myers Economist shelbym fb. Market Intel November 3, Market Intel October 28, Now, as president of the California Farm Bureau, I am fighting to uphold and restore the promise of sustainable water delivery in my state.
Past performance is not indicative of future results. Brazil's Ag Ministry said that two cases of a neurodegenerative disorder in patients in Rio de Janeiro state were not related to beef consumption, tamping down fears of possible "mad cow" disease causing human illness. Iowa farmer Jim Yenter served his country for a decade. And now the U. Mahindra launches ROXOR off-road side-by-side, a rugged workhorse for farmers, ranchers, off-road enthusiasts and rural lifestyle customers.
Today's Top Stories: Supply chain fragility exposed, cattle markets shift after week furrow, and changing your mindset on farm program payments. Market Analysis. Gulke Group's Jamie Wasemiller will be watching several factors in that round of report.
AgWeb Overall grain prices drifted lower this week.
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