Podcast: Matt Bennett, Bennett Consulting Talks on USDA's October Production Report (5:15)

The U.S. Department of Agriculture Oct. 12 released its October Crop Production Report, forecasting 14.3 billion bushels of corn, with a national average of 171.8 bushels per acre, up 1.9 bushels from the September report. 

USDA also estimated 83.1 million acres of corn would be harvested, down 4% from 2016. 

The 2017 soybean production was forecast at 4.43 billion bushels, up 3% over 2016 based on 49.5 bushels per acre on 89.5 million harvested acres. 

USDA October 2017 Crop Production Report

USDA also released its October Supply and Demand Estimates, raising 2017-18 corn ending stocks by 5 million bushels and retaining the season average price at $2.80 to $3.60 per bushel. 

Soybean ending stocks were retained at 430 mil. with a season average price of $8.35 to $10.05 per bushel.

USDA October 2017 Supply and Demand Report