November WASDE: USDA raises corn and soybean yields globally

Published 2022년 11월 9일

Tridge summary

The November 2022 World Agricultural Supply and Demand Estimates report from the USDA's World Ag Outlook Board shows improved yields for corn and soybeans, leading to increased supplies and a bearish outlook for prices. Soybean futures saw some gains for old crop prices but new crop prices dropped due to the higher yield estimates. The U.S. corn and soybean stocks-to-use ratios remained steady, indicating a tight supply. Argentine's drought has led to reduced soybean production estimates, while global corn ending stocks have been revised down due to production shortfalls in the European Union and South Africa. However, Vietnam could provide export opportunities for U.S. corn exporters. The report also noted an uptick in human food consumption of wheat, which tightened domestic supplies slightly. Global wheat usage for livestock feed was revised higher, and the U.S. wheat market is expected to remain quiet until winter wheat sowings are reported in January 2023.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

The November 2022 World Agricultural Supply and Demand Estimates released this morning from USDA’s World Ag Outlook Board had few opportunities for bullish price momentum thanks to improved corn and soybean yield estimates. Here are the key takeaways from today’s WASDE report: Soybeans revert to bearish ways Soybean futures pared some of the morning’s price gains after USDA’s National Agricultural Statistics Service found higher 2022 harvested yields (50.2 bushels per acre) than markets had been expecting prior to the report’s release (49.8 bpa). Old crop prices posted gains while new crop prices edged lower. Better than expected yields in Iowa and Missouri were the primary driver for the higher yield figure. At 4.346 billion bushels, the 2022 crop will be the fourth largest on record. Yield of 50.2 bpa is the fifth largest on record. Corn yields rise, but not as significantly as soybeans USDA-NASS’s corn estimate rose 2% from October estimates to land at 172.3 bpa. ...

Source: Prairie Grain Partners