Corn, Soybean Futures Consolidate After Report

USDA lowers 2018 wheat, soybean carryover from October

Wisconsin Still on Track to Harvest Record Soybean Acreage

If realized, corn production will be the second highest on record. The agency's revised global stock forecasts for 2017-18 of 267.53 million metric tons were a record. That figure already would have stood as a record for Colorado, where the state's all-time production record is 182.71 million bushels, set in 2010.

The U.S.D.A. 2018 wheat carryover forecast was below the pre-report trade average expectation of 956 million bus, the soybean carryover was slightly above the trade average of 420 million bus and the U.S.D.A. corn carryover was well above the trade average of 2,360 million bus.

USDA has estimated not only larger production, but also increased feed and residual use, along with more exports, which were both raised by 75 million bushels. Harvested area was forecast at a record 89.5 million acres, unchanged from October and up 8% from 2016.

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Also in France, weekly data from farming agency FranceAgriMer showed that farmers had sown 90 percent of the expected soft wheat for next year's harvest by November 6. Corn-silage harvest, though, is almost complete here, where about 10 percent of corn acres are harvested for silage. "Even though USDA boosted its demand forecast, the increased product ion would add to carry at a time when stocks are already burdensome". For corn and soybeans, the marketing year begins on September 1 and ends on August 31. "Some bulls were betting on a more substantial cut, and that's what triggering selling today".

Still, the January soybean contracts are above the 200-day, 100-day and 50-day moving averages, which will provide support to the market.

Wheat prices are showing small gains following the WASDE report, due in part to US stocks that are projected 25 million bushels lower from increased exports. That was 41% lower than last week and down 53.8% from this week a year ago. The projected average farm price for 2017/18 held steady at $4.40 to $4.80 per bushel.

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