USDA increased its corn production estimate and 2023/2024 corn ending stocks in its supply/demand report. Corn production is forecast at 15.1 billion bushels with an average yield of 173.8 bushels per acre. Last month, average yields were estimated at 175.1 bushels per acre. U.S. ending stocks totaled 2.22 billion bushels for 2023-2024 while the trade expected a 2.13-billion-bushel figure. For soybeans, the report forecast production at 4.14 billion bushels, down from 4.2 billion in August. The average soybean yield was put at 50.1 bushels per acre, down from 50.9 bushels per acre last month.
