This Week in Agriculture

Corn futures falling sharply following USDA's October crop production report.

USDA raising its corn yield estimate to 181.2 bushels per acre, putting production at 16 billion bushels and ending stocks at 1.849 billion bushels.

Heartland Investor Services President Eugene Grainer says the numbers caught the market off guard.

Yes, the USDA surprised everybody after putting out crop production data.

Their condition reports had us the worst crop in the last five years on the condition scores since August, yet they produced the second highest historical yield ever at 181.2 bushels to the acre.

That gives us a crop of 16 billion, and that pushed that carryout needle back up to 1.849 billion bushels.

Soybeans held up better than corn despite USDA raising the soybean yield estimate to 53.1 bushels per acre.

The report puts soybean ending stocks at 350 million bushels.

Granter says wheat felt the pressure from the larger supply outlook.

The wheat combination of cutting exports and the increasing yields a little bit, they put the wheat carryout up almost 20 million bushels from last month.

So wheat's a follower of corn right now.

We're not getting any business.

unless maybe this break in the market for wheat finally gets us some business that even we can become competitive with Europe over.

Corn futures falling sharply following USDA's October crop production report.

USDA raising its corn yield estimate to 181.2 bushels per acre, putting production at 16 billion bushels and ending stocks at 1.849 billion bushels.

Heartland Investor Services President Eugene Grainer says the numbers caught the market off guard.

Yes, the USDA surprised everybody after putting out crop production data.

Their condition reports had us the worst crop in the last five years on the condition scores since August, yet they produced the second highest historical yield ever at 181.2 bushels to the acre.

That gives us a crop of 16 billion, and that pushed that carryout needle back up to 1.849 billion bushels.

Soybeans held up better than corn despite USDA raising the soybean yield estimate to 53.1 bushels per acre.

The report puts soybean ending stocks at 350 million bushels.

Granter says wheat felt the pressure from the larger supply outlook.

The wheat combination of cutting exports and the increasing yields a little bit, they put the wheat carryout up almost 20 million bushels from last month.

So wheat's a follower of corn right now.

We're not getting any business.

unless maybe this break in the market for wheat finally gets us some business that even we can become competitive with Europe over.