October WASDE report features lower than expected U.S. soybean yield

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The U.S. Department of Agriculture released its WASDE report for October on Wednesday, and soybeans definitely received the bulk of the market reaction. Although corn and wheat yield projections were relatively in-line with analyst expectations, it was the soybean yield that made the market go…hmm.

Arlan Suderman, of StoneX tweeted, “USDA pegged the #soybean yield at 49.8 bushels per acre, matching the lowest trade estimate and down from 50.5 bpa last month. Trade was expecting 50.6 bpa this month.”

The market reacted to the news with soybean futures rising 20 cents across the nearby months. Corn traded relatively flat after the report while the wheat contracts traded down in the high teens.

RealAg Radio host Shaun Haney spoke with Jon Driedger, of LeftField Commodity Research, about the report and how the attention now turns to demand in the face of global economic uncertainty.

 

 

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