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Corn falls on USDA data

09/12/2013 @ 11:13am

The USDA expects the U.S. 2013 corn crop to drop, but not below the trade's expectations, while the soybean crop is raised compared to previous thoughts.

As a result, the CME Group corn and soybean markets are reacting to Thursday's numbers mixed.

In its September Crop Production Report, the USDA pegged the U.S. 2013/14 corn crop at 13.84 billion bushels, compared to the USDA's previous estimate of 13.763 billion bushels and the average trade estimate of 13.620 billion.

The USDA sees the U.S. corn yield averaging 155.3 bushels per acre, vs. its August estimate of 154.40 bu/acre and the average trade estimate of 153.69 bu./acre.

For soybeans, the USDA pegged the U.S. 2013/14 production at 3.4 billion bushels, compared to its August estimate of 3.255 billion bushels and the average trade estimate of 3.14 billion.

USDA sees the U.S. average soybean yield at 41.2 bu/acre vs. its August estimate of 42.60 bu/acre and the average trade estimate of 41.17 bu/acre.

On Thursday, the USDA pegged the U.S. 2013/14 wheat crop at 2.114 billion bushels.  

CARRYOUT

For 2013, the USDA sees the U.S. corn ending stocks at 661 million bushels. For soybeans, the USDA sees the U.S. soybean ending stocks at 125 million.

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09/12/2013 @ 1:28pm Looks like you traders got your way again,you dont want corn to go up and have to pay the american farmer so USDA played it perfect for you, Great job

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