Opinion

On Friday, September 11, 2015 (a historic date in its own right), the USDA released its latest world agricultural supply and demand estimates. Most expectations going into the report were that the world crop soothsayers would keep things relatively mute on a global level, and downgrade U.S. production. Alas, the boys and girls in Washington, D.C. had other plans in mind, specifically, increasing U.S. soybean yields to 47.1 bu/ac (a full bushel above what the market expected). On corn, U.S. yields were felled to 167.4 bu/ac from the previous estimate of 168.8 bu/ac, but still above the market’s pre-report expectation of 166.6…

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