Prices sink on higher yields, supplies
Forecasts for increased yields and growing crop stockpiles sent corn and soybean prices tumbling lower last week following the USDA’s October crop production report and supply and demand estimates.
“Soybean supply and demand expectations I think are the big shocker of the day,” said American Farm Bureau Federation Economist Shelby Myers. “Ending stocks for the 2020-21 marketing year were increased by 81 million bushels. The carryover then pushes overall soybean supply up for the 2021-22 marketing year, as well as we see an increase to yield.”
November soybean futures...
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