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USDA WASDE
The USDA released its highly-anticipated October WASDE report today with the market particularly interested in potential yield and acreage updates. The USDA’s adjustments were right in line with pre-report expectations for the U.S. crop - revising the corn yield down again while adding to its acreage peg and bumping up soybean yield by nearly a bushel. Though the agency didn’t seem to say much significantly outside of expectations, an adequate global supply story and a stronger dollar today likely pressured prices. Dec ‘16 corn was down 8 cents on the day to $3.37/bu, while the Nov ‘16 soybean contract fell 9 cents to $9.45/bu. July ‘17 KC HRW wheat was down 7 cents to $4.36/bu. We may see further yield and acreage adjustments in the next report, but until then, the markets will be keenly aware of harvest reports as fieldwork progresses. The weather forecast suggests a slight risk of above-average precipitation over the next two weeks, though no major threats are expected. With above-normal temps anticipated, we should see the remaining two-thirds of corn and remaining half of soybeans come off the fields in line with historical norms.