U.S. corn production was little changed in the November supply and demand report from the U.S. Department of Agriculture (USDA). The average corn yield increased 0.5 bushel per acre to a 177 bushel per acre forecast.
Total corn production increased 43 million bushels to 15.06 billion bushels total. Corn use increased 50 million bushels due to elevated ethanol demand, and this was enough to lower ending stocks to 1.49 billion bushels, 7 million bushels less than in October. The cash corn value estimate was unchanged at $5.45 per bushel.
The domestic soybean figures caught traders by surprise. The average U.S. soybean yield is now estimated at 51.2 bushels per acre, down 0.3 bushel from October, even though an increase was expected.
This yield put the U.S. soybean crop at 4.43 billion bushels, down 23 million bushels from last month but still 209 million bushels larger than last year’s crop.
This lower production was offset by a 43 million bushel reduction to...