USDA lowered corn yields more than expected in the August Supply and Demand report. “The corn yield at 174.6 bushels per acre is well below the average estimate of 177.6 bushels per acre,” said Naomi Blohm, senior market advisor, Total Farm Marketing. “Typically, USDA increases yield in the August report. This is a very bullish number. The soybean yield came in at 50 bushels per acre, below the average estimate of 50.4 bushels per acre.” USDA tweaked the demand category. “For soybeans, USDA raised old crop ending stocks up to 160 million bushels. That’s bigger carry in. Then, USDA left new crop soy ending stocks unchanged at 155 million bushels. For corn ending stocks, USDA raised old crop carryout. New crop ending stocks for corn came in at 1.24 million bushels.” USDA lowered wheat ending stocks to 625 million bushels. The grain markets had a bullish response to the report.
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