Cash Strategist 11-15-2023
Going into the November crop production and supply/demand reports, the trade wasn't looking for many changes.
The average analyst expectations were looking for corn yields to be up slightly and for soybean yields to be unchanged. The same expectation was communicated for corn and bean ending stocks.
The trade wasn't expecting any change to South American production numbers due to the still early nature of the planting season.
The actual numbers showed corn production up 170 million bushels from October. The corn yield increased by 1.9 bushels per acre to 174.9 bushels per acre. The total corn production figure of 15.234 billion bushels is a record crop for the U.S., coming in above the 15.148 billion bushels in 2016. The average corn yield ranks as the third highest on record, but the...
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