September’s World Agricultural Supply and Demand Estimates (WASDE) report showed little movement in field crop production estimates, but highlighted fluctuations in corn and soybeans.
Soybean production, according to the report is pegged at 3.63 billion bushels, with yields expected to average 47.9 bushel per acre.
“Well it’s a little bit bigger than what the market was expecting, but also about 50 million bushels less than what we saw last month in the August WASDE,” says Brennan Turner, CEO of FarmLead, adding he believes soybean numbers will drop stocks a little bit more.
Meanwhile, corn production is being estimated at around 13.8 billion bushels, with an average yield of 168.2 bushels per acre – down 1.3 bushels per acre from the August WASDE report.
“Technically, it was relatively a little bit bigger than what the market was expecting, so kind of bearish in that sense, and I think the question that we’re now asking, much like in the Canadian harvest, is, ‘what is it going to come down to in terms of harvested acres’?”
Hear the full breakdown of the September WASDE report with RealAgriculture’s Jessika Guse and FarmLead’s Brennan Turner, below: