WASDE reports raise soybean, corn forecast, lower wheat

• The U.S. Department of Agriculture released its latest WASDE reports on October 10, raising corn and soybean production and lowering wheat production.
  Corn production is forecast 80 million bushels higher at a record 14,475 million bushels as lower reported area is more than offset by a 2.5-bushel-per-acre increase in yield. Corn supplies for 2014-15 are projected at 15,736 million bushels, up 129 million from last month reflecting higher production and a 55-million-bushel increase in beginning stocks from the September Grain Stocks report.
  The soybean yield is projected at 47.1 bushels per acre, up 0.5 bushels from September. Harvested area is reduced 0.7 million acres to 83.4 million. Soybean supplies for 2014-15 are projected 24 million bushels below last month with lower beginning stocks from the Grain Stocks report more than offsetting increased production.
  Projected U.S. wheat ending stocks for 2014-15 are lowered 44 million bushels as increased production is more than offset by higher feed and residual disappearance and higher exports. Production for 2014-15 is raised 5 million bushels based on the latest estimate from the September 30 Small Grains 2014 summary.