USDA Reports Mixed Results in September Supply/Demand Estimates

The United States Department of Agriculture (USDA) has released its monthly supply/demand estimates for September, which had a mixed impact on corn and soybean prices.

New crop corn ending stocks were forecast at 1.567 billion bushels, down from the August estimate but just above the average trade guess. New crop production was estimated at 15.800 billion bushels, down 213 million from last month's projection.

For soybeans, new crop ending stocks were projected at 310 million bushels, down 10 million from August but 12 million more than the average trade forecast. Soybean prices lost over 20 U.S. cents per bushel as a result.

The USDA left U.S. wheat and Canadian canola unchanged in its report.