The USDA (United States Department of Agriculture) brought its new monthly supply and demand bulletin this Friday, September 10, meeting market expectations for increased production, productivity and ending stocks in the United States.
North American soy production rose from 118.09 to 119.04 million tons, in line with the average expectations of 119.12 million. Productivity was revised to 56.71 bags per hectare, against 56.04 in the August bulletin. The average of the projections was 56.48 scs/ha. Consequently, ending stocks were increased from 4.22 to 5.03 million tons, compared to the average expectation of 5.17 million.
In soybeans, the area was corrected downwards, contrary to what the market expected. Planted went from 35.45 to 35.29 million hectares and harvested from 35.09 to 34.97 million hectares.
In corn, the harvest was estimated at 380.92 million tons, against 374.67 million in the previous report, with the yield going from 182.64 to 184.42 bags per hectare. The market expected, on average, 379.55 million tons and 183.90 bags per hectare. Closing stocks were corrected from 31.55 to 35.77 million tons.
The area planted with corn was estimated by the USDA at 37.68 million hectares, against 37.52 in the August report, and the harvested area increased from 34.2 to 34.44 million hectares. The market was also expecting this upward revision.