11/08/24 Afternoon CommStock Report

A Friday crop report capped off election week with bullish numbers but a tentative price reaction. The headline summary is that USDA lowered the corn and soybean yields from last month. Corn yield dropped 0.7 to 183.1 bushels per acre versus the wider expectation for no change. Soybean yield was cut 1.4 to 51.7 bushels per acre against the average trade guess calling for a reduction of just a few tenths.   Most of the weight on the national corn yield came from a 4-bushel drop to 218 for Illinois. Large production swings were also produced by Iowa corn yield being down 1 to 213, as well as on lower yields for Nebraska and Texas. It was mostly Indiana that held the national corn yield from falling further, with that state’s crop up 7 bushels from last month, to 209 bushels per acre. The biggest soybean production revisions were made against lower yields in Illinois, Iowa, Missouri, and Minnesota.   With no adjustments made to acres, the lower corn and soybean yields were still enough to take away from ending stocks, with corn carryout staying below 2 billion bushels while soybean stocks fell under 500 million bushels. The ending stocks…