USDA provided a few surprises in the November supply and demand reports by lowering corn yield, production and ending stocks, while leaving soybean carryout unchanged. The agency dropped corn yield by .8 bushels per acre to 173.4, with production lowered 68 million bushels to 14.4 billion. Mike Krueger with The Money Farm says that lowered ending stocks by 73 million bushels.
Soybean yield was raised .4 bushels per acre and production was also increased 31 million bushels over last month to 3.96 billion bushels. However, ending stocks ended up unchanged.
Krueger says the report numbers may have topped the soybean market for a while. However, it’s dependent on whether or not soybean meal has topped.
U.S. wheat ending stocks were lowered 10 million bushels from last month to 644 million bushels. However world carryout was raised to 192.9 million metric tons.
World ending stocks were upped slightly in corn and lowered in beans.