USDA's September WASDE Disappoints Markets with Lackluster Forecasts

The USDA's September World Agricultural Supply and Demand Estimates (WASDE) report failed to impress markets, according to Michigan Agricultural Commodities Market Specialist Ken Lake.

Lake noted that while the USDA did lower corn yield by 2.2 bushels per acre to 178.5 bpa, this was already factored into market expectations and unlikely to sustain the bull run seen in August and early September.

The report also lowered harvested corn acres by 100,000 acres, but this was offset by a 150-million-bushel reduction in feed demand.