Farm Progress America, October 14, 2024

Mike Pearson tells listeners about the World Agriculture Supply and Demand Estimates report released Friday and shares there weren't many surprises.

The report made a slight up tick to the U.S. Corn production report.

The report expects a total of 15.2 billion bushels in corn production with the average production around 183.8 bushels pers acre.

The USDA WASDE report also revised soybean production lower.

The report estimates soybean fields to produce 53.1 bushels per acre and total production to be 4.582 billion bushels-- just a little above trade expectations.

The November soybean future prices slipped 7 cents after the report came out.

However, the USDA did hold season average price steady at $10.80 per bushel.

When it comes to wheat production, it was lower than anticipated at 1.971 billion bushels.

The wheat December futures fell 8 cents after the report.

However, total wheat stock were estimated at 212 billion-- up 17 percent from last year's estimate.

Several things will now be on trader's minds now that the report is out but the attention could get turned to South America as planting season nears.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness .

Related: Our most recent edition