Cash Strategist


A sizable 2.6 bushel per acre corn yield reduction was set in the USDA's November supply and demand report, which was enough to decrease production to 14.5 billion bushels. The USDA increased corn exports by 325 million bushels but made a 75 million bushel reduction to feed and residual use. If correct, this puts U.S. corn exports at a record 2.65 billion bushels this year. This is forecast to leave the U.S. with a tight 1.7 billion bushel corn carryout and an average cash value of $4 for the 2020-21 marketing year. 

The U.S. soybean yield was reduced by 1.2 bushels per acre for a 50.7 bushel average for the U.S. This is now forecast to give the U.S. a 4.17 billion bushel soybean crop. 

The only change to soybean demand was a 3 million bushel increase to seed and residual use, but the decline in production was enough to give the U.S. a projected carryout of 190 million bushels, a 100 million bushel decrease from last month — approaching a minimal pipeline...

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