USDA lowers 2018 wheat, soybean carryover from October

Chart U.S. corn production

The agency's revised global stock forecasts for 2017-18 of 267.53 million metric tons were a record.

Before the U.S. Department of Agriculture (USDA) released its monthly crop supply and demand estimates on Thursday, the trade's common expectation was that USDA would cut U.S. soybean crop estimate while lifting the corn crop.

The USDA said corn export sales jumped last week to a 5-1/2-year high of more than 2.9 million tonnes, including 2.3 million for shipment in the current marketing year, topping trade estimates. But an estimated 2.14 million acres will be run through the combines in 2017-breaking the previous record set past year. Harvested area of corn was forecast at 83.1 million acres, unchanged from October and down 4% from a year ago. The only state that pulled back was Nebraska, where the yield estimate was lowered by -2 bushels per acre.

Soybean production was forecast at a record 4,425 million bushels, down just 6 million bushels from 4,431 million bushels in October but up 129 million bushels, or 3 percent, from 4,296 million bushels a year ago.

Bentley Continental GT3 racer launched
The new vehicle leaves no area or system untouched in the search for even better performance, and the early tests are promising. This is also the first time Bentley's GT3-spec cars will participate in the Intercontinental GT Challenge.

Paris wheat futures ended slightly higher on Friday, coming off an earlier one-week low, as Chicago grain prices steadied after a day-earlier slide sparked by a forecast for a record US corn yield. Last month the USDA predicted average yields in Colorado would be 145.0 bushels per acre, but that figure was increased to 148.0 this month. "USDA also increased its forecast of Brazilian production, though it's still too early to be making real judgements there".

Corn and soybean futures rebounded on Friday as traders absorbed a government report projecting larger-than-expected harvests.

Today's close will say a lot about the tone of the soybean market, Knorr adds. "Failure to hold support could trigger some liquidation by funds, which have tried to establish a small bullish bet on soybeans lately".

The USDA forecast the corn carryover of September 1, 2018, at 2,487 million bus. Ending stocks were lowered by 22 million bushels but remain at record levels. Moreover, The USDA reported 1.16 mt of soybeans sold for export during the week of 11/2.

Related News:



Most liked

Drone from Syria approaches Israel, intercepted by Patriot missile
Once the Russians claimed that they were not now operating a UAV in the area, the IDF chose to intercept the aircraft. The drone was apparently a Syrian army drone on an intelligence collection mission, the IDF said.

Japanese PM Takes Nasty Fall While Golfing With Trump
In the video, Abe, who can be seen wearing a white sweater, apparently lost his balance and rolled backward in the sandy hole. Abe also called Trump his "dear friend" and hailed the benefits of what he called "golf diplomacy".

Millennium Falcon spotted under wraps on Google maps
With the help of Google Earth images, eagle-eyed sleuths have found where the Millenium Falcon is parked . The find comes with just over a month until the latest instalment of Star Wars .

Flipkart Introduces Its Billion Capture+ Smartphone With Dual-Cameras
On the battery front, the smartphone by Flipkart is backed by a 3500mAh battery, which is rated to deliver up to 2 days of life. There's also a fingerprint scanner at the back and comes running Stock Android Nougat 7.1.2 to complete the package.

Duterte to press Xi on arms buildup in South China Sea
Brunei, Malaysia, the Philippines, Taiwan and Vietnam also have conflicting claims there. China claims a large portion of the South China Sea through its nine-dash line claim.

Rutgers vs. Penn State 11/11/17
The Penn State defense stood strong enough and stopped the Scarlet Knights at the eight-yard line and allowed only a field goal. Tight end Jerome Washington's rush attempt was shut down by Jason Cabinda, who was in on Penn State's punt-safe defensive set.

Farooq Abdullah says independent Kashmir not an option
"That part will remain with Pakistan and this part will remain with India, and both Kashmirs should be granted autonomy". This is not only a negative approach but sets a risky precedence where the facts are deliberately being muzzled".

Why Was OJ Simpson Just Banned From a Las Vegas Hotel?
The star was reportedly booted from his Las Vegas hotel on Wednesday after allegedly causing a drunken disturbance . Hotel staff tells TMZ ... at around midnight last night, Simpson was drunk and became disruptive at the Clique bar.

Owners Report Pixel 2 / XL Google Assistant Bluetooth Bug
If you haven't ordered the Pixel Buds and think you might want to, you can head over the Google Store and pick them up for $159. Some users have pointed that the screen flashing on the Pixel 2 XL doesn't happen every time but does occur frequently.

Amazon is opening pop-up stores in Whole Foods for the holidays
Whole Food's pre-Black Friday deals include $20 off the Echo Dot, $20 off the new Amazon Echo, and $30 off Kindle Paperwhite. Amazon is using its Whole Foods acquisition to help sell more hardware devices and Prime subscriptions.

Lewis Hamilton lashes out at F1 management after robbery in Brazil
Vettel, who is 15 points ahead of third-placed Bottas in the title race, admitted he did not commit fully to his lap. This is not the first time that such an incident has transpired.

Disneyland shuts down 2 cooling towers after Legionnaires' disease cases
It becomes problematic when it is in large quantities, typically due to stagnant or improperly sanitized spas and water systems. It is treated with antibiotics and hospital care, but one in 10 of those who contract the disease dies from infection.

Race 3: Salman Khan starrer goes on floors-See Pic
Along with Salman, the film stars Jacqueline Fernandez, Saqib Saleem, Bobby Deol , Freddy Daruwala and Daisy Shah in lead roles. Wondering what? Well, when Salman has presented the sets of Race 3 , Salman Khan was quick to term it as tacky.

Iraqi military launch offensive on last Islamic State stronghold
He later said they had "retaken Rumana and its bridge on the Euphrates" along with 10 other villages. Earlier, Iraqi forces recaptured the larger town of al-Qaim.

Morocco and Tunisia qualify for World Cup
After weathering an early storm, including a potential penalty call, Morocco scored two goals in the space of five minutes. Morocco have now qualified for their fifth World Cup (1970, 1986, 1994, 1998) and their first since France 1998.