Soybeans and corn prices climb following November USDA report

The November World Agriculture Supply and Demand Estimates (WASDE) report from the USDA was released Tuesday, and the market responded by moving higher across most of the board.

U.S. corn production was forecast at 15.062 billion bushels, up 43 million from October on a 0.5-bushel increase in yield to a record 177.0 bushels per acre. Corn used for ethanol in the U.S. was raised 50 million bushels. Globally, coarse grain production, including corn, for the 2021-22 forecast is 5.1 million tons higher, to 1.49 million. Year over year, ending stocks are down globally.

As for oilseeds, the U.S. soybean production was forecast to be 4.42 billion bushels, down 23 million from October thanks largely to lower yields in Indiana, Iowa, Ohio, and Kansas. Global soybean production was also reduced 1.1 million tons from the October report. Lower production for the U.S. and Argentina was partly offset by higher production in India, says the report.

For wheat, the USDA raised its ending stock estimate by 3 million bushels, to 583 million, with a 15 million bushel decrease in exports being offset by a 10 million decrease in imports.

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