By Mary Hightower
October’s World Agricultural Supply and Demand Estimates report dealt corn prices another blow, but there’s still a lot of U.S. corn left to harvest.
Industry analysts were looking toward the Oct. 9 World Agricultural Supply and Demand Estimates, or WASDE, after the Grain Stocks Report from the previous week showed ending stocks higher.
“To say Friday’s report was not friendly to the corn market is an understatement,” said Scott Stiles, extension economics program associate for the University of Arkansas Division of Agriculture.
“Ahead of last Friday's report, traders and analysts were expecting a lower U.S. average yield and production estimate this month,” he said.
Stiles said the actual numbers came in higher: 181.2 bushels per acre for the yield, compared to 178.5 in September, and 16.034 billion bushels for production, compared to 15.8 billion in September.
“Both numbers were at the upper end of pre-report estimates,” Stiles said. “The 2.7 bushel month-to-month yield increase was the real surprise there.”
This month, the National Agricultural Statistics Service of the U.S. Department of Agriculture increased corn yields in 16 states. NASS was predicting a 193-bushel-per-acre yield in Arkansas, up from last year’s 182 bushels and above its September forecast of 188 bushels per acre.
Source : uada.edu