Dairy Week In Review

USDA raised forecasts for both corn and soybean production estimates in its latest World Agricultural Supply and Demand Estimates (WASDE) report. The total estimated corn harvest was  increased by 23 million bushels from September’s forecast to 15.019 billion bushels. In contrast, industry grain analysts were calling for a 23 billion bushel reduction. USDA raised corn yield  estimates by 0.3 bushels to 176.5 bushels per acre, with carryout now expected to reach 1.5 billion bushels, up 92 million bushels from last month. Soybean yields were also increased, up 74 million bushels from last month’s forecast to 4.45 billion bushels, slightly higher than industry estimates. Average yield estimates were increased by 0.9 bushels to 51.5 bushels per acre, with carryout  increased by 135 million bushels to an estimate of 320 million bushels. Read More