The USDA released its updated WASDE report on November 9, 2023. USDA continues to adjust their yield estimate as harvest wraps up and they get more field data.  This was the first report this year USDA raised yields of corn and soybeans this marketing year (Figure 1).

Figure 1. USDA 2023/24 YWASDE Yield Estimates

Corn and soybean yields were both above the average trade estimate but within the expected range (Table 1). Domestic production, domestic ending stocks, and world ending stocks estimates all...