USDA lowers U.S. soybean and corn production estimates, impacting global markets.
USDA's latest WASDE report lowered US soybean yield estimates by 1.5 bushels per acre, reducing production to 4.46 billion bushels, 3% less than October estimates. Corn production was also down 60 million bushels to 15.1 billion due to a lower yield. Global soybean production was reduced by 3.5 million tons to 425.4 million, impacting global ending stocks. Wheat futures fell due to heavy rainfall in the southern Plains, while soybeans and corn saw mixed performance amid trade policy uncertainties.
November 11, 2024
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