While USDA made only small changes to the U.S. wheat production numbers, Progressive Ag Marketing market analyst Brian Strommen says the global numbers remain tight. “The world wheat stocks were trimmed by 1.38 million metric tons from the October numbers, offering support. When you look at the corn number, too, 177 bushels an acre, up half a bushel from the October report, that’s a record high yield with drought issues.” The record corn yield raised the production number. “The offsetting number that helped was ethanol demand, raised by 50 million bushels in this report.”
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