Soybeans drops a point and corn remains steady

Ivan Schwartz
September 13, 2017

Soybean production is forecast at a record 4.43 billion bushels, up 1 percent from August and up 3 percent from previous year.

In a special note, the USDA said changes to harvested area in states impacted by Hurricanes Harvey and Irma were not fully reflected in the September Crop Report because of when data were collected.

Chicago Board of Trade corn and soybean futures, which were trading in negative territory before the report was released, dropped to session lows. That's up three percent from a year ago and they chopped a dime off there too, down to $9.20 a bushel of soybeans.

The US Agriculture Department unexpectedly raised its US corn and soybean harvest forecasts on Tuesday, adding further bearish pressure to a market already struggling with massive global supplies.

The weekly crop report from the federal government says South Dakota's corn and soybeans are maturing at a pace behind last year's and the five-year average.

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About 5% of the USA corn crop was harvested as of Sunday, just behind the prior five-year average of 6%, according to the Department of Agriculture.

United States corn ending stocks for the 2017/18 crop year were pegged at 2.335 billion bushels, up from 2.273 billion bushels in the USDA's August World Agriculture Supply and Demand Estimates report. New-crop inventories are seen at 2.18 billion bushels, down from the prior outlook for 2.273 billion bushels.

Farmers also will harvest a record 4.431 billion bushels of soybeans, USDA said, based on an average yield of 49.9 bushels per acre. The USDA soybean production and yield forecasts were above all trade expectations, which averaged 4.321 billion bushels and 48.7 bushels an acre, respectively. Power isn't expected to be restored in some areas for weeks, according to the White House.

Elsewhere in the Midwest, the maps look pretty quiet with only slight chances of rainfall in parts of western and north-central Nebraska, the NWS said.

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