Grains spike on new USDA estimates

• The grain pits party after the USDA lowers its corn production estimate to 13.76B bushels - still a whopper of a number, but off from 13.95B in July. Ending stocks are cut to 1.837B bushels.


• Bean production is cut to 3.255B bushels from 3.42B as acres planted are cut 500K and yield is lowered to 1.9 bushels/acre.


• No change is made to the wheat production estimate, but 25M bushels of extra exports cuts ending stocks by the same amount.


• December corn erases a sizable early loss, now up $0.15 to $4.69/bushel. CORN +1.5%.


• SOYB +3.4%, WEAT +0.3%.


• Grain ETFs: JJG +1.8%, GRU +2.5%.


• Other related: JJA, RJA, AGF, DBA, FUD, UAG, DAG, AGA, ADZ, JJS, TAGS, USAG, RGRA.