USDA Bumps Up Corn and Soybean Yields
The most immediately notable thing about last week’s World Agricultural Supply and Demand Estimates (WASDE) report was the increase in estimated corn and soybean yields. USDA raised the estimate of national average corn yield from 168.0 bushels per acre last month to 169.3 bushels per acre in this month’s report. The trade had been expecting something more in the ballpark of a half-bushel increase, so the 1.3 bushel per acre increase was definitely on the bearish side for the corn market.
Figure 1 shows a map from USDA National Agricultural Statistics Service showing the November corn yield estimate along with the change from the prior month.
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