Clayton Pope Commodities owner and market analyst Clayton Pope is amazed to see the USDA reduce the U.S. soybean yield forecast in the November report. “It was incredulous in October when the USDA shocked everyone by raising the soybean yields by nine-tenths of a bushel. Yet, we kept hearing how great soybean yields were and we thought there’d be another increase. Instead, the USDA cut their estimate by three-tenths of a bushel. USDA only increased their carryover by 20 million.” Pope says USDA’s corn numbers are not bullish. The world corn carryout is also a slight surprise. “The world carryover in corn was expected to drop by almost one million metric tons. Instead, it went up 2.7 million metric tons. Not only did the U.S. production increase, but USDA raised Argentina’s estimate. That corn number is neutral to slightly negative if you ask me.”
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