Earlier today, USDA released its September World Agricultural Supply and Demand Estimates (WASDE) report. The agency’s estimated corn yield per harvested acre was lowered to 148.1 bushels per acre, down from 153 bushels per acre last month. Projected corn acres harvested were unchanged from August.

The ag agency lowered its 2011-12 estimated corn ending stocks by 6% to 672 million bushels. Its forecasted stocks-to-use ratio of 5.3% remains well below already low previous 5-year average of 11.6%.

USDA raised its soybean ending stocks estimate by 6% to 165 million bushels and wheat ending stocks estimate by 13% to 761 million bushels.

The agency raised the midpoint of its corn price forecast to $7/bushel, from $6.70. It also raised its average soybean price forecast to $13.65/bushel, from $13.50, as well as its wheat price forecast to $7.85/bushel from $7.60.