The size of the U.S. corn crop falls slightly, according to the USDA Friday.
As a result, the corn market jumped up 5¢ only to reverse lower and then finish higher, reportsSuccessful Farming.
Soybean prices reacted and stayed negative against the report.
In itsNovember Supply/Demand Report, the USDA pegged the U.S. corn crop at 13.661 billion bushels, compared with its October estimate of 13.779 billion bushels and the trade’s expectation of 13.643 billion.
The U.S. soybean output is pegged at 3.549 billion bushels vs. the avg. trade estimate of 3.510 billion bushels and the USDA’s October estimate of 3.55 billion.
Read the full November WASDE report here.
