There were lots of changes for corn in the November USDA Supply and Demand report. USDA lowered corn production estimates to 13.66 billion bushels. Last month’s estimate was 13.77 billion bushels. Corn yield is forecast at 167 bushels/acre, lower than trade expectations. Total Farm Marketing Senior Market Advisor Naomi Blohm says that part of the report was bullish. “What was bearish is USDA lowered the demand category for everything including ethanol demand. The net result is lower ending stocks than last month.” USDA did not change soybean planted acres, harvested acres or yield. U.S. soybean production is estimated at 3.55 billion bushels. Soybean yield is forecast at 46.9 bushels/acre. “They reduced the amount of soybeans needed for crush. That’s the only reason why soybean ending stocks increased,” says Blohm. “I also think the soybean yield will come down, but we’ll have to see what happens in the December USDA report.”
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