October's WASDE Report was no exception, as the USDA increased its corn yield forecast beyond expectations while lowering its soybean inventories outlook more than projected.
Yields in the state, the biggest producer of corn in the USA, were reportedly better than expected by several farmers despite delayed planting in some areas and extremely dry weather in several south-central counties. Yield is forecast at 181 bushels per acre, up 3 bushels from a year ago.
Nationally, corn production is forecast at 14.3 billion bushels, down six percent from previous year, but up slightly from the September forecast. Wisconsin corn production should be around 484 million bushels, with yields expected to average 164 bushels per acre-up two bushels from the September report, but down 14 bushels from a year earlier. A moderate rise, when considering the expected high yields of US Corn. Harvested area of corn was forecast at 83.1 million acres, down 400,000 acres from September and down 4 percent from past year.
Sorghum for grain is forecast at 14.4 million bushels, down 19 percent from a year ago. Harvested area is forecast at 36.4 million acres, unchanged from the August forecast but down less than 1 percent from 2016. Yields are expected to average 171.8 bushels per acre this fall. If realized, this will exceed last year's record soy acreage by 190,000 acres. Area for harvest, at 5.65 million acres, is 10 percent more than in 2016.
Soybean condition rated 4 percent very poor, 8 percent poor, 26 percent fair, 49 percent good and 13 percent excellent. Yields are expected to average 35.4 tons per acre, down 0.3 ton per acre from the September 1 forecast but up from last year's yield of 33.6 tons per acre.
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In related news, CEO William Douglas Toler bought 75,000 shares of the company's stock in a transaction on Friday, August 11th. The disclosure for this sale can be found here. (NASDAQ:TWNK) has risen 69.90% since October 11, 2016 and is uptrending.
Soybean production was estimated at a record 4,431 million bushels, down 422,000 bushels from September but up 135 million bushels, or 3 percent, from 4,296 million bushels a year ago. Based on October 1 conditions, yields are expected to average 49.5 bushels per acre, down 0.4 bushel from last month and down 2.5 bushels from a year ago. Harvested area was forecast at a record 89.5 million acres, up 1 percent from September and up 8 percent from 2016.
Higher on follow-through buying a day after the USDA lowered its estimate of the U.S. 2017 soybean yield. All other hay production, at 2.72 million tons, is up 3 percent from a year ago. The 1.27 million acres expected to be harvested for grain this year are up 50,000 acres from the September forecast and 100,000 acres above the 1.17 million acres harvested a year ago. Yield of 1.60 tons per acre, is down 0.1 ton from 2016.
Dry Edible Bean production is forecast at 4.11 million hundredweight, up 49 percent from 2016.
Sugarbeet production in Colorado is forecast at 1.03 million tons, up 11 percent from the 927,000 tons produced in 2016. Yield is forecast at 1,333 pounds per acre, down 158 pounds per acre from a year ago. Analysts expect the government to raise its estimates of the USA soybean yield and harvested acreage. Yield is forecast at 1,333 pounds per acre, down 92 pounds per acre from a year ago. Of the acres for harvest, non-oil sunflowers account for 14,000 acres and oil sunflowers account for 28,000 acres.