USDA released the November WASDE and Crop Production report this morning. Corn and soybean yields were raised 1.3 and 1.1 bushels/acre respectively.
Corn production is now estimated at 13.654 billion bushels, up 99 million bushels from last month. Feed and residual use was increased 25 million bushels, while corn for ethanol was reduced 75 million bushels and exports were reduced 50 million bushels. Corn ending stocks are now estimated at 1.760 billion bushels, up 199 million bushels from last month. Average farm price is lowered $0.15 to $3.65 per bushel.
Soybean production is estimated to be 3.981 billion bushels, up 93 million bushels from last month. Crush, exports, and residual use were increased 10, 40, and 3 million bushels respectively. Ending stocks are not estimated at 465 million bushels, up 40 million bushels from last month. Average farm price was lowered $0.25 to $8.90 per bushel.
Wheat estimates were unchanged, except exports were lowered 50 million bushels. Ending stocks are not estimated at 911 million bushels. Average farm price is unchanged at $5.00 per bushels, however the range was reduced $0.05 on each end.
 Bill Holbrook
The ProExporter Network
20809 NE 170th Street
Kearney, MO 64060
Telephone: 816-863-5335
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