The USDA released its October WASDE (World Agricultural Supply and Demand Estimates) report Tuesday morning.
Jon Driedger is Vice-President of LeftField Commodity Research.
"USDA increased production in particular for corn and especially for soybeans and then also included some larger stocks from the September 30th report and so within that, basically increased supply of those crops and in particular the soybeans, is what they showed today...More soybeans out there than the market was anticipating and then also a little bit so for corn as well."
He notes the USDA reduced the U.S. wheat carry-out projections for this coming year, in line with expectations. Driedger adds we continue to see both U.S. and global wheat stocks tighten on these reports.
Driedger says harvest in the U.S. is moving along at an average pace.