Commodities
USDA Tightens Outlook on Corn, Raises Soybean Export Expectations
The USDA released its September World Agricultural Supply and Demand Estimates (WASDE) report on Friday, tightening the outlook for corn and cotton while raising soybean exports.
Corn production fell by 213 million bushels to 15.8 billion after a yield drop of 2.2 bushels per acre to 178.5 bushels. Ending stocks declined to 1.6 billion bushels, with the season-average farm price increasing by 30 cents to $4.80.
Soybean production rose by 16 million bushels to 4.5 billion, driven by a 25 million bushel increase in exports to 1.69 billion. Ending stocks dropped to 310 million bushels, and the farm price increased by 60 cents to $12.