Corn is down 1 and soybeans are down 11 to start the day.
Private analyst StoneX released their October estimates for corn and soybean production based on producer surveys. They estimated U.S. corn yields at 175.5 bushels per acre this month, up half a bushel from Sept, with production implied at 15.202 billion bushels, 68 mbu above the USDA Sept. Soybean yields rose from 50.1 to 50.4 bpa this month, with output at 4.175 bln bu, around 30 mbu above the USDA Sept.
China is on national holiday, where many travel and not very many go to work. This extends for the rest of the week. The absence of buying is noted in soybeans as traders are home this week. You can tell the overnight markets are weak as Asian buying is not there.
Early yield reports on both corn and soybeans are coming in much better than expected across the US as producers ramped up harvest this past week. Will this trend continue or is this a sign of early planted equals better yield is TBD.
Monday night’s crop progress showed that 23% of the US corn crop has been harvested compared to 15% last week and 21% on average.
Have a Safe Day!