News Details

2019 USDA Nov. crop report friendly corn and wheat vs. expectations, disappointing soybeans

(Nov 08, 2019)

As part of the snowfall in early October, USDA says that the resurvey in North Dakota and Minnesota did not suggest any changes to harvested area at this time so both corn and soybean harvested acres were left unchanged.

Soybean 19/20 ending stocks were up 15 million to 475 and worse than expected at 430. Yields and exports were left unchanged, crush down 15 million.

U.S. 19/20 corn ending stocks lower than last month down 19 million bushels but higher than expected at 1.820. Corn exports down 50, ethanol/feed & residual both down 25 each. U.S. corn yields drop 1.4 bpa to 167 vs. last month at 168.4.

All wheat 19/20 ending stocks down 29 million bushels vs. last month at 1,014 billion bushels with spring wheat production down 37 million. Seed down 7, food down 5 and yields up 0.1 to 51.7. 

World corn stocks for 19/20 come in well below trade expectations. Looks like a drop in the U.S. and a few reductions elsewhere. Soybeans and wheat up slightly from October.
Maurizio “Moe” Agostino
Moe is the Chief Commodity Strategist. He is responsible for developing plans and assisting clients in the feed, grain and livestock industry to help them protect themselves from commodity price swings. Moe holds a Derivatives Market Specialist (DMS) designation as well as an Honors Degree in Business Administration. Moe has more than 15 years of financial services industry experience.