Source: FARM DOC DAILY, UNIV. OF ILLINOIS, 10/2/17


Corn and soybean prices continue to be focused on the possibility of large U.S. production levels in 2017. The USDA’s estimates of September 1, 2017 grains stocks released on Friday provided an indication of increased consumption for both corn and soybeans. Soybean stocks came in smaller than expected and provided some confirmation of strong soybean consumption as we move into the next marketing year. Lower than expected corn stocks revealed an expansion of feed use in the fourth quarter and may adjust expectations of feed use in the marketing year to come. Despite the lower ending stocks estimates for both crops, price reaction was muted as the market looks forward to the October 12 production forecasts and some clarification of the yield levels for corn and soybeans in 2017. 

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