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Grain markets slumped Friday night after USDA cuts to yields estimates were far less than expected.
The USDA pegged the average 2025 US corn yield at 186 bushels per acre (bpa), down from 186.7 on September 12. It lowered its production estimate to 16.752 billion bushels, from 16.814 billion in September.
BOM patchy rain was largely confined to QLD and northern NSW, mostly east of major cropping areas. The forecast has more rain for most of the same areas. Its drying off in central NSW and south as they keep missing out on forecast rain. Cattle numbers are lifting again at key saleyards in Wagga and Dubbo as seasonal optimism starts to wane with the lack of follow-up rain as tropical moisture stays north.
Focus this week remains on harvest as it moves south into areas affected by low rainfall it will be interesting to see how crops yield. Dry conditions will keep selling light and there will likely continue to be premiums in prompt delivered markets.
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