The USDA published its monthly supply and demand report for grains and oilseeds. Here's the summary:

Soybeans - 2018-19 soybean yield @ 53.1 vs average estimate of 53.3 bushels per acre and vs last month's 52.8 bushels per acre. Soybean production @ 4.690 billion bushels vs the average estimate of 4.722 billion. 2018-19 US ending stocks @ 885 million bushels vs average estimate of 905 and vs August estimate at 845 million bushels. 2018/19 World ending stocks @ 110.04 mmt vs average estimate of 109.9 and vs last month's 108.3 mmt.

Corn - 2018-19 corn yield @ 180.7 vs average estimate of 181.8 bushels per acre and vs last month's 181.3 bushels. Corn production @ 14.778 billion bushels vs average estimate of 14.859 billion. 2018-19 US ending stocks came @ 1.813 billion bushels vs average estimate of 1.913 billion bushels and vs last month's 1.774 billion bushels. 2018-19 world ending stocks @ 159.35 million tonnes vs avg of 159.2 mmt and vs August estimate of 157.0 mmt.

Wheat - 2018-19 US ending stocks @ 956 million bushels vs average of 959 mbu and vs last month's estimate at 935 mb. 2018-19 World ending stocks @ 260.18 mmt vs average estimate of 261.2 and vs the August estimate at 261.3 mmt. The Russian wheat production was lowered 1 mmt & the Australian production was lowered 1.5mmt month on month.

Net-net, my opinion is that there's still ample wheat in the world, and perhaps we've seen the best yield estimates come and go in terms of corn and soybeans.

Good trading,

RSM