USDA provided a smaller surprise in the soybean market by lowering yield a touch from 44.7 to 44.2 bu./acre. Based on glowing reports from the field, most analysts looked for higher yields, with the average at 45 bu.
USDA projects ending stocks from this crop at 265 million, well below the 350 million shown in the September report, but still above the 151 million left from the 2009 crop or 138 from the 2008 crop. As a result, prices are expected to be stronger today.
USDA raised the season-average national cash price to $10 to $11.50 from its September forecast of $9.15-$10.50.