MINNEAPPOLIS, Minn. – There were no real shockers in the bearish crop production and world supply and demand reports issued by the U.S. Department of Agriculture.
However, there were a couple of curveballs in the Sept. 12 reports, according to Brian Rydlund, a Country Hedging grain market analyst.
Among those little surprises was world ending stocks for wheat, corn and soybeans were increased.
“A lot of that was done through better production, especially in wheat, and increased usage,” Rydlunds aid.
On the production side, the report reduced the estimated average U.S. corn yields down to 148.1 bushels per acre, 4.9 bushels less than the August estimate, “which was a little more aggressive than trade thought,” the analyst noted.