My big questions after USDA record yield numbers for corn

The U.S. Department of Agriculture raised its average corn yield estimate to 175.4 bushels per acre which if it holds would be a new record

1 conditions, average corn yield in 2017 was forecast at a record 175.4 bushels an acre, up 3.6 bushels from October and up 0.8 bushels from 174.6 bushels an acre in 2016, the previous record. Production is estimated to be 4.4 billion bushels, a one percent decline from October.

CBOT wheat futures closed higher this week as world wheat stocks were lowered one million metric tons in the updated USDA monthly report. For corn and soybeans, the marketing year begins on September 1 and ends on August 31. The only state that pulled back was Nebraska, where the yield estimate was lowered by -2 bushels per acre. It if holds this will be the highest average yield ever harvested in our nation's history. total US production is pushed to 14.578 billion bushels. Harvested area was forecast at a record 89.5 million acres, unchanged from October and up 8% from 2016. Larger U.S. and European production is partially offset by some reductions overseas, most notably in Ukraine, Russia and Vietnam.

Brazil is expected to win a larger share of China's soybean imports in coming months, hitting US exporters during peak marketing season for their most valuable farm product as the world grapples with a fifth consecutive bumper crop. "Some bulls were betting on a more substantial cut, and that's what triggering selling today".

"January futures are fighting to hold above the support line drawn off August-November lows, which comes in around $9.90, which is also right on the 25-day moving average", he says. Soybeans are down 0.2 percent after climbing 1.2 percent last week.

"The idea is that if corn yields can be so high, the USDA might increase soybean yields in its next report". Ending stocks are 935 million bushels, which is 246 million bushels lower than a year ago but still ahead of the five-year average.

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