Record soybean production and large ending stocks were the headlines out of the USDA's October World Agricultural Supply and Demand Estimates and Crop Production reports.
The yield prediction for soybeans is 53.1 bushels per acre, up from last month's 52.8 forecast. Overall production, at 4.69 billion bushels, is slightly lower than last month's estimate but within the range of trade guesses.
Soybean ending stocks - 885 million bushels - results from higher beginning stocks as soybean useage was left unchanged.
For corn, USDA estimated national average yields at 180.7 bpa, meaning total production would be 14.8 billion bushels. That's down slightly from last month's estimate of 181.3 bpa and 14.83 bb, respectively, however it would still be the highest yield on record and second highest level of production.