USDA offered a mix of surprises and as-expected numbers in the October WASDE. The agency, as expected, offered lower corn and soybean production figures for the U.S. and increased world wheat supplies. What was unexpected, however, was the severity of cuts to U.S. soybean supplies. Nearly all CBOT ag products were higher heading into the report, but futures in the soy complex readily extended those gains after the report’s release. Wheat futures fell slightly lower on the back of larger world ending stocks while corn continued to firm on smaller supplies and expectations of future boosts to the U.S. export program.  The WASDE surprised to the upside with U.S. soybean production and ending stocks on the low end of analysts’...

TAGS – Feed Grains, Soy & Oilseeds, Wheat, Livestock, China, North America, South America