WASDE: U.S. Soybean Harvested Acreage Falls
DES MOINES, Iowa (Agriculture.com)--The USDA lowered the U.S. 2015 corn and soybean production estimates from its September estimate. However, yield estimates were raised slightly.
In its WASDE October Report, the USDA also dropped its harvested acreage estimates for both corn and soybeans, more so for the latter.
As a result, the CME Group's soybean market is moving up, corn down Friday.
USDA October Supply-Demand Report: 2015-16 U.S. Corn Production
CORN 13.5513.46113.58514.216Yield 168166.6167.5171.0Acres 80.780.981.183.1
Jacob Burks, Wedbush Futures, grain analyst, says the report is a yawner.
“Looks like Informa, the private analyst firm, has the direct connection to what the USDA is doing! It reduced soybean harvested acres by a half million acres and raised yield a half a bushel.”
USDA October Supply-Demand Report: 2015-16 U.S. Soybean Production
SOYBEANS 3.883.8843.9353.969Yield 47.246.947.147.8Acres 82.482.983.583.1
"Long-term, this report could be friendly for the soybean market," Al Kluis, Kluis Commodities says.