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The November WASDE report delivered some surprises contrary to pre-report yield expectations. If you haven’t heard by now, let’s recap: USDA increased its corn yield estimate from 173.0 bushels per acre in October to 174.9 bpa and also added three tenths of a bushel to the soybean yield.

The former exceeded the trade average by 1.6 bpa, which skewed to the low side while the soybean yield matched the trade average.

From a supply perspective, the new corn number added 160 million bushels to availability for a not-so-small 1.49-billion-bushel increase compared to the 2022-23 crop.

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