The markets had been waiting on the latest USDA National Agricultural Statistics Service Crop Production report and quickly responded to lower crop production levels.The grain markets were higher right out of the gate following the release of the report, but corn and wheat suffered from profit taking later in the day.
As of Nov. 1, U. S. corn production is forecast at 12.5 billion bushels, down 1% from the October forecast and down 4% from last year’s record production of 13.1 billion bushels. Yields are expected to average 154.3 bushels per acre, down 1.5 bushels from the previous month and 10.4 bushels below last year’s record of 164.7 bushels.
U.S. soybean production is forecast at a record high 3.38 billion bushels, down 1% from the October forecast but up slightly from last year. Based on Nov. 1 conditions, yields are expected to average 43.9 bushels per acre, down 0.5 bushel from last month and down 0.1 bushel from last year’s record high yield.… Continue readingRead More »