In this file:

 

·         USDA Sees U.S. Soybean Stocks Dwindling, Market Pops

U.S. to Have Lower-Than-Expected Corn Supplies, Too

 

·         Market volatility possible following WASDE report

·         Iowa's estimated derecho crop losses increase by more than 50% in latest USDA report

·         World Agricultural Supply and Demand Estimates

 

 

USDA Sees U.S. Soybean Stocks Dwindling, Market Pops

U.S. to Have Lower-Than-Expected Corn Supplies, Too

 

By Mike McGinnis, Successful Farming

Agriculture.com - 10/9/2020

 

The U.S. and world have lower and lower amounts soybeans, all of the time, according to the USDA.

 

On Friday, the USDA released its October Supply/Demand Report.

 

As a result, the CME Group’s farm markets jumped. Soybeans rallied 25¢, corn up 4¢, and wheat up 5¢.

 

At the close, the Dec. corn futures settled 8¢ higher at $3.95½. March corn futures closed 7½¢ higher at $4.02¼.

 

Nov. soybean futures settled 15½¢ higher at $10.65¾. January soybean futures closed 17¼¢ lower at $10.65.

 

Dec. wheat futures closed 1½¢ lower at $5.93½.

 

Dec. soymeal futures closed $4.10 per short ton higher at $363.70. Dec. soy oil futures settled $1.01 cent higher at 34.01¢ per pound.

 

In the outside markets, the NYMEX crude oil market is $0.61 per barrel lower at $40.58. The U.S. dollar is lower, and the Dow Jones Industrials are 135 points higher.

 

U.S. 2020/21 PRODUCTION

 

For corn, the U.S. crop is estimated at 14.7 billion bushels vs. the trade’s expectation of 14.82 billion and the USDA’s previous estimate of 14.9 billion bushels.

 

The U.S. corn yield is estimated at 178.4 bushels per acre vs. the trade’s expectation of 177.9 bu./acre and the USDA’s September estimate of 178.5.

 

The U.S. harvested area is pegged at 82.5 million acres vs. the trade’s expectation of 83.3 million and the USDA’s September estimate of 83.5 million.

 

For soybeans, total 2020/21 output is estimated at 4.26 billion bushels vs. the trade’s expectation of 4.28 billion and the USDA’s September estimate of 4.31 billion.

 

The U.S. avg. yield is pegged at 51.9 bu./acre vs. the trade’s expectation of 51.7 bu./acre and the USDA’s September estimate of 51.9.

 

The U.S. soybean harvested area is pegged at 82.5 million acres vs. the trade’s estimate of 82.9 million and the USDA’s previous estimate of 83.0 million.

 

U.S. ENDING STOCKS 2020/21

 

The U.S. corn ending stocks are pegged at 2.16 billion bushels vs. the trade’s expectations of 2.12 billion and the USDA’s previous estimate of 2.50 billion.

 

In its report, the USDA pegged the U.S. soybean ending stocks at 290 million bushels vs. the trade’s expectation of 363 million bushels and the USDA’s previous estimate of 460 million.

 

For wheat, the U.S. ending stocks are estimated at 883 million bushels vs. the trade’s expectation of 890 million and the USDA’s September estimate of 925 million.

 

WORLD ENDING STOCKS 2020/21 ...

 

TRADE RESPONSE ...

 

more

https://www.agriculture.com/markets/analysis/usda-sees-us-soybean-stocks-dwindling-market-pops

 

 

Market volatility possible following WASDE report

 

By Will Robinson, Brownfield

October 9, 2020

 

The president of a global brokerage company said she expects to see more volatility in the grain market following USDA’s release of the October WASDE report.

 

But Virginia McGathy, president of McGathy Commodities Corporation, tells Brownfield the market didn’t initially move much following the report.

 

“I thought it would’ve been a little bit more wild of a market,” McGathy said. “Meaning, that if we rallied up [there] would be big selling and it would push the market down and that we would perhaps have a limit move. We didn’t quite get that.”

 

She said a sizable range did develop Friday, creating a lot of risk management but also opportunity for traders and farmers. McGathy said if traders participate in follow-through buying, it could reshape the grain market.

 

“Traders are still looking for China to continue to keep their demand coming for U.S. products,” she said. “If they do, it’s really going to create some tight supply situations which will change the whole tapestry of the market for the rest of the winter.”

 

But she said if the market starts to turn...

 

more, including audio [21:08 min.]

https://brownfieldagnews.com/news/market-volatility-possible-following-wasde-report/

 

 

Iowa's estimated derecho crop losses increase by more than 50% in latest USDA report

 

Donnelle Eller, Des Moines Register (IA)

Oct 9, 2020

 

The number of crop acres that Iowa farmers are unable to harvest after the devastating August derecho has grown to 850,000, a new U.S. Department of Agriculture report showed Friday.

 

That's a more than 50% increase from September, when the USDA had set the estimated loss to the Aug.10 derecho at 550,000 acres. The storm flattened crops with winds up to 140 mph. The damage was compounded in late summer with a drought that, at its peak, encompassed much of the state. The drought is once again expanding after some September rainfall.

 

Iowa Agriculture Secretary Mike Naig said Friday he expects the number of lost acres will climb even more as growers move deeper into the harvest. "I think we're going to find that more and more fields will be considered a total loss," said Naig, who was helping his father harvest corn in northwest Iowa.

 

Usually, farmers will try to harvest the downed corn, salvaging what they can. But Naig said he said he has heard that many are asking crop insurance adjusters to take another look at their fields after finding it more difficult than expected.

 

"Crops can deteriorate," he said. "It's a really dynamic situation."

 

Farmer: 'Harvesting downed corn has 'just been miserable' ...

 

Iowa retains No. 1 spot in corn ...

 

more

https://www.desmoinesregister.com/story/money/agriculture/2020/10/09/usda-iowa-acres-farmers-unable-harvest-grow-more-than-third-850-000-corn/5937329002/

 

 

World Agricultural Supply and Demand Estimates

 

USDA

October 9, 2020

 

Entire Report (PDF):

https://www.usda.gov/oce/commodity/wasde/wasde1020.pdf