October WASDE forecast increased corn production but a decline for soybeans

HOUSTON (ICIS)–Corn production is forecasted to increase by 17 million bushels while soybean output is expected to decline by 4 million bushels, according to the October World Agricultural Supply and Demand Estimate (WASDE) report from the US Department of Agriculture (USDA).

In the monthly update the agency said the current outlook for corn is for smaller supplies, larger exports and reduced ending stocks.

Projected beginning stocks for 2024-2025 are now 52 million bushels lower based on the Grain Stocks report.

Corn production is now being forecasted at 15.2 billion bushels, up 17 million bushels from last month on a 0.2-bushel increase in yield to stand at 183.8 bushels/acre.

Harvested area for grain is unchanged at 82.7 million acres.

Total use is raised slightly to 15.0 billion bushels reflecting greater exports, and with supply falling and use rising, the ending stocks have been reduced by 58 million bushels to 2 billion bushels.

The October WASDE said the season-average corn price received by producers is unchanged at $4.10/bushel.

For soybeans, the USDA is showing that production is now being forecasted at 4.6 billion bushels, which is down 4 million bushels and is based on expectations of lower yields.

Harvested area is unchanged at 86.3 million acres.

The monthly update reveal that soybean yield is now projected at 53.1 bushels/acre, down 0.1 bushels from the September update.

As lower production is being partly offset by slightly higher beginning stocks the USDA said supplies are lowered by 2 million bushels to stand at 4.9 billion bushels.

With a slightly lower residual and no change to exports and crush, ending stocks are unchanged from last month at 550 million bushels.

The season-average soybean price is unchanged at $10.80/bushel.

The next WASDE report will be released on 8 November.