November WASDE Shows Higher Soybean, Lower Corn Production

The November World Agricultural Supply and Demand Estimates showed lower corn production, domestic use, exports, and ending stocks. Corn production is forecast at 15.9 billion bushels, down 141 million from last month. Yield reduction dropped 1.6 bushels to 179.6 bushels an acre. The season-average corn price is down ten cents to $4.60. The U.S. soybean outlook shows increased production and exports, and lower ending stocks. Soybean production is forecast at 4.6 billion bushels, up 12 million. Soybean exports rose 25 million bushels based on larger supplies and early-season export pace. The season-average price is up ten cents to $12.10 per bushel. The outlook for wheat is for unchanged supplies, slightly lower domestic use, steady exports, and modestly higher ending stocks. Projected all wheat ending stocks rose by three million bushels to 743 million, 10 percent below last year. The season-average farm price is down ten cents a bushel to $6.20.