This morning at 11:00 the USDA released the November Supply Demand Report and it was bullish! The USDA dropped the corn yield to 175.5 billion bushel which dropped the crop this year by 215 million bushel. The corn exports were raised by 325 million bushel to an all time record of 2.65 billion bushel. The one questionable area was feed and residual use was lowered by 75 million bushel. The end result was carryover drops well below 2 billion bushel at 1.7 billion bushel. The projected national average corn price was raised 40 cents to $4.00 a bushel.

The bean numbers were friendly too. The USDA cut the bean yield that took 98 million bushel off the crop this year to 4.17 billion bushel. With lower production the USDA projects the bean carryover at 190 million bushel. That is the lowest soybean carryover in seven years! The USDA raised the season average cash bean price 60 cents to $10.40 a bushel. In addition the USDA dropped the world carryovers of corn and beans too. Click on the link above and listen to Gordy talk about the markets about 15 minutes after the USDA Report was released.

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