WASDE: US soybean output and exports trimmed on lower yields

WASDE: US soybean output and exports trimmed on lower yields”

USDA said that both corn and soybean stocks as of December 1 were the highest on record.

USA soybean production is forecast at 4.39 billion bushels, down one percent from the November forecast and up two percent from previous year.

The harvested area was largely unchanged at 89.5 million acres, the USDA said.

The increased corn production also caused USDA to boost its 2017/18 ending stocks view for the yellow grain.

The estimate for food, seed and industrial use is raised 10 million bushels, reflecting an estimated amount of corn used for glucose and dextrose during September-November that was above expectations. Average corn yields were 176.6 bushels per acre.

Analysts, on average, had expected the government to show total corn production of 14.579 billion bushels, according to a Reuters poll. Yield was estimated at 178 bushels per acre, up one bushel from the November forecast and up 19 bushels from the 2016 level.

Weekly U.S. soybean export sales of 607,400 tonnes and corn sales of 437,800 tonnes were both within analyst estimates.

USA soybean futures dropped to four-month lows on Friday, on pace for the fourth consecutive session of declines ahead of US government crop data due at midday that was expected to show bigger global soy supplies.

USDA projects the nation's 2017-18 year-ending stocks of corn at 2.477 billion bushels, compared with the average industry estimate of 2.431 billion bushels and the month-ago USDA estimate of 2.437 billion bushels.

The 2017 soybean crop is pegged 43.9 billion bushels, 2 percent more in 2016.

In its report, the USDA pegged the USA 2017 corn crop's average yield at 176.6 bushels per acre, compared with the average trade estimate of 175.4 bushels per acre and its estimate of 175.4 last month. Corn stocks as of December 1 rose to 12.516 billion from 12.383 billion a year ago. Global corn stocks are at 206.6 million, up 2.5 million from last month.

Feed demand lowered -25 million bushels, exports, and ethanol unchanged. It raised its estimate of the Brazil crop to 110 million tonnes and the export outlook for that country to 67 million tonnes.

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