Dale Johnson, Farm Management Specialist
University of Maryland
Information from USDA October WASDE report
Attached is the summary for the September World Agricultural Supply and Demand Estimates (WASDE) that was published on October 10. Corn harvested acres and yields were slightly adjusted. The estimate for beginning stocks were down 331 million bushels. Estimate for total use was down 90 million bushel. Other minor changes result in an estimate of endings stock 261 million bushel lower and a decrease in the estimate of Ending Stocks to Use Ratio from 15.5% in September to 13.8% in October.
Soybean harvested acres estimate decreased from 75.9 to 75.6 million acres. Yield estimate was adjusted up 1 bushel per acre. Beginning stock estimate was adjusted down and ending stocks estimate was down 180 million bushel, which significantly decreased the stocks-to-use ratio from 15.9% to 11.4%. In June, the estimated Stocks to Use Ratio was 24.9% and has been decreasing every month. But market prices have not responded significantly because of the uncertainty in the soybean market caused by the trade war.
There were only slight changes in Wheat estimates.
