The USDA has made a month to month cut in its soybean production estimate, while raising the outlook for corn slightly.
As of November 1st, this year’s U.S. soybean crop is seen at 4.425 billion bushels, 1% less than October following a cut in yield to 51.2 bushels per acre, but 7% more than 2020. Corn is projected at 15.062 billion bushels, up modestly on the month, with a half a bushel increase in average yield to 177 bushels per acre, and 7% higher than a year ago.
