USDA increased U.S. production, yield and ending stocks for corn, beans and wheat in the November Supply and Demand Report. U.S. corn yield was raised to 169.3 bushels per acre putting production at 13.65 billion bushels. Doug Werling with Bower Trading says the most negative number though was the increase in ending stocks.

Global corn stocks were also a shock with an huge increase to 211.9 mmt verses 187.8 mmt last month.

Soybean yield was also raised to a record 48.3 bushels per acre, which put production at 3.98 billion bushels. Werling says ending stocks were also raised, but were offset somewhat by strong demand figures.

He says ending stocks globally also reflected stronger demand for soybeans, including China.
And he thinks since USDA generally underestimates exports the ending stocks figure for soybeans will go down.

U.S. wheat ending stocks were also raised to 911 million bushels, largely due to slow demand.

Overall Werling says most of these numbers were largely anticipated so he doesn’t see a lot of downside risk to prices.