Farm Progress America, October 16, 2023

Mike Pearson examines the WASDE report released late last week.

October 16, 2023

Mike Pearson takes a look at the WASDE report released by the USDA Oct. 12.

Traders anticipated cuts to yield and the USDA delivered.

The Corn crop was reduced to 173 bushels per acre and a cut of 70 million bushels overall.

The soybean crop was also reduced by half a bushels per acre or 49.6 bushels per acre.

Wheat was increased to 1.82 bushels per acre moving it from 615 bushels to 670 million bushels.

Another surprise in the report was the increase in beef production. The USDA expects a total of 35 million pounds in the fourth production and live cattle to sell for $185 per 100 weight.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.

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