Nov 09, 2023

The USDA offered some unfriendly surprises in the November WASDE report. Soybeans reversed on the day to finish 10-22 lower. Corn set fresh two-year lows but continues to hold the 467-470 area on December. While this looks bearish on the surface, corn not breaking lower on this report is encouraging. The longer this area holds, the more attractive it will look to trade to add length to their positions. USDA increased corn yield by almost 2 full bushels but added demand/usage to help offset some of the production increase. The changes on the soybean balance sheet were much less exciting. A simple increase in yield of .3 bu/ac trickled down to an increase in carryout of 25 million bushels.

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