Glacier FarmMedia | MarketsFarm — There were a few tweaks to the latest monthly report from the United States Department of Agriculture released on Nov. 8. The World Agricultural Supply and Demand Estimates not only lowered yields for U.S. corn and soybeans, the department reduced the ending stocks for both.
Globally, the USDA largely held their calls on corn and soybean production in Brazil and Argentina and stood pat on a number of major wheat producers.
The USDA lowered corn yields for 2024/25 to 183.1 bushels per acre from 183.8 in the department’s October report. That led to a dip in production to 15.14 billion bushels from 15.20 billion last month. Ending stocks stepped back to 1.94 billion bushels from nearly two billion. The numbers were within trade predictions.
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However, for soybeans the USDA data slipped below the pre-report market guesses. The domestic soybean yield came in at 51.7 bu./ac. from October’s 53.1. That resulted in output being pulled back to 4.46 billion bushels from 4.58 billion. The carryout dropped to 470 million bushels from 550 million.
As for South America, the department held to its October numbers, with Brazilian and Argentine corn production at 127 million and 51 million tonnes respectively. On soybeans, Brazil stayed at 169 million tonnes and Argentina held at 51 million.
For wheat, the USDA trimmed Russian production for 2024/25 to 81.5 million tonnes from 82 million last month. The department kept Canada at 35 million tonnes, Australia at 32 million and Ukraine at 22.9 million.
The USDA’s world oilseed report kept its call on Canada at 20 million tonnes of canola for 2024/25. Meanwhile, Statistics Canada is a pinch below 19 million tonnes, with market expectations looking for canola output to drop by one million tonnes or more when StatCan issues its next principal field crop report on Dec. 5.
