The October World Agriculture Supply and Demand Estimates showed a tighter balance sheet for corn, wheat and especially soybeans. While, USDA left soybean yield unchanged from last month at 51.9 .bushels per acre, the agency lowered production 45 million bushels to 4.268 billion bushels by lowering harvested acres 720,000 acres to 82.3 million acres. Ending stocks were below trade guesses at 290 million bushels, which is a down 170 million bushels from September. World carryout was lowered to 88.7 million metric tons, which is off nearly 5 million metric tons from last month.
Corn yield was only lowered by .1 bushels per acre to 178.4, production was cut 178 million bushels to 14.722 billion bushels with a decrease in harvested acres by 970,000. USDA estimates ending stocks to 2.167 billion bushels, which was slightly above trade estimates but 336 million bushels below last month. World ending stocks were lowered by 6.3 million metric tons to 300.5 million metric tons.
Domestic wheat production was also cut to 1.82 billion bushels and ending stocks were lowered to 883 million bushels, which is a 42 million bushel decrease from last month. World ending stocks were 321.5 million metric tons, up nearly 2 million metric tons from September