USDA NOVEMBER WASDE REPORTS LARGER CROPS

november-wasde

USDA delivered a bearish surprise with the November WASDE report.  Both corn and soybean national yields are new record highs.

The pre-report expectations were looking for a slightly smaller corn crop. Instead the corn yield increased to 175.3 bpa resulting in production of 15.226 billion bushels.  Despite increased usage, ending stocks increased by 83 million bushels up to 2.403 billion bushels.

Soybean yield also increased by more than expected up to 52.5 bpa resulting in production of 4.361 billion bushels.  Ending stocks increased by 85 million bushels up to 480 million bushels.

Prices turned lower after the report release.

Read the complete report here:

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