The most active corn contract for December delivery settled at 6.93 U.S. dollars per bushel, unchanged from the previous trading day. December wheat fell 18.75 cents, or 2.08 percent, to settle at 8.8225 dollars per bushel. November soybean rose 19.75 cents, or 1.44 percent, to settle at 13.96 dollars per bushel.
U.S. Department of Agriculture (USDA) October Crop Report's U.S. 2022 soybean yield loss was a bullish surprise, falling by another 0.7 bushels per acre (BPA) to 49.8 BPA.
U.S. 2022-2023 corn exports were cut by 125 million bushels, U.S. wheat trade by 50 million bushels and U.S. soybean exports by 40 million bushels for a combined demand decline of 215 million bushels.
U.S. corn yield fell by 0.6 BPA to 171.9 BPA. U.S. 2022-2023 corn end stocks were lowered to 1,172 million bushels, a decline of 47 million bushels. The report raised corn feed/residual use estimate by 50 million bushels to 5,275 million bushels, but cut exports by 125 million bushels and ethanol by 50 million bushels to 5,275 million bushels.
The World Agricultural Supply and Demand Estimates (WASDE) report held 2022-2023 U.S. soybean end stocks at a tight 200 million bushels due to a 65-million-bushel fall in 2022 U.S. soybean crop and the resulting gain in old crop stocks to 274 million bushels. The report increased the 2022-2023 U.S. soybean crush rate by 10 million bushels to a record large 2,235 million bushels, while cut exports by 40 million bushels.
China's 2022-2023 soybean imports were raised to 98.0 million metric tons.
The 2022-2023 U.S. wheat end stocks were trimmed 34 million bushels to 576 million bushels as production loss of 133 million bushels was partially offset by lower projected consumption. Wheat feed use in 2022-2023 is pegged at 50 million bushels, the lowest since 2007-2008, amid disappointing disappearance in the third quarter. Exports were lowered 50 million bushels to 775 million bushels amid non-competitive U.S. offers.
WASDE lowered total global wheat trade by another 700,000 metric tons.
Non-Black Sea wheat export production was lowered 2.5 million metric tons as gains in Europe were more than offset by losses in the United States and Argentina. Non-Black Sea exporter stocks/use was reduced slightly for a third consecutive month.
The 2022-2023 global corn end stocks were lowered to 304.5 million metric tons, from 312.1 million metric tons in 2021-2022; the end stocks of soybeans were increased to 100.5 million metric tons from 98.9 million metric tons; and the global end stocks of wheat dropped slightly to 267.5 million metric tons from 268.6 million metric tons.
Chicago-based research company AgResource maintains that as the International Momentary Fund pegged global gross domestic product growth in 2023 at 2.7 percent, future demand concerns are real and will act to cap any post-harvest rally in early November.
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