Based on the worn adage that “big crops get bigger”, analysts generally expected the USDA’s November Crop Production report to contain larger forecasts for the size of the current U.S. corn and soybean harvest. The soybean production forecast was larger, but the corn forecast was smaller than the October forecast.
The U.S. soybean crop is now forecast at 3.958 billion bushels, 31 million bushels larger than the October forecast. The U.S. average yield is forecast at 47.5 bushels, 0.4 bushel larger than the October forecast. Yield forecasts changed by a bushel or two for the majority of states, with smaller forecasts in six of the 29 states. Production forecasts were not changed for the rest of the world. In the November WASDE report