Trade estimates for USDA November US grain end

  • Trade estimates for USDA November US grain end

Trade estimates for USDA November US grain end

No US wheat was offered.

"Recent sales to Iraq support a higher export projection with hard red winter accounting for the entire increase", the U.S.D.A. said. However, supply is rising faster than use, so USDA pegs corn ending stocks at 147 million bushels higher than October. Moreover, The USDA reported 1.16 mt of soybeans sold for export during the week of 11/2.

The soybean crop was expected to hit a record 4.425 billion bushels, on a yield of 49.5 bpa. Corn production is forecast at 496 million bushels, down 77.6 million bushels from previous year.

Chicago Board of Trade (CBOT) grains futures settled mixed over the trading week which ended November 10, with the long-awaited official yield estimates being the key factor in market ups and downs.

A new government forecast says Kansas is on track to harvest record crops of corn and soybeans. Based on conditions as of November 1, yields are expected to average 168 bushels per acre, up four bushels from last month's forecast, but down 10 bushels from previous year.

"Exports are raised 75 million bus, reflecting expectations of improved USA competitiveness, reduced exports for Ukraine and increase demand from Mexico based on sharply lower sorghum production prospects", the U.S.D.A. said. For corn and soybeans, the marketing year begins on September 1 and ends on August 31.

Paris wheat futures ended slightly higher on Friday, coming off an earlier one-week low, as Chicago grain prices steadied after a day-earlier slide sparked by a forecast for a record US corn yield. That was 41% lower than last week and down 53.8% from this week a year ago.

The world is nevertheless still well supplied with wheat. "That's actually in line with what my models have been showing, though I didn't expect the agency to make a change yet".