USDA will publish the October WASDE tomorrow. The market will be watching for changes in the corn and soybean yield estimates and what that means for ending stocks and prices. Recall that the 30 September final Grain Stocks report included revisions to the previous marketing year production for corn and soybeans, which is normal since the marketing year was complete. Production for 2020 corn was revised down slightly, but 2020 soybean production was revised up 2 percent from the previous estimate. This means the soybean carryout from the last marketing year will be increased by nearly 80 million bushels. The October WASDE, however, is also the first bit of data in the USDA’s long-term 10-year outlook, published every year in February...

TAGS – North America