In most years the USDA November WASDE report does not make significant changes to the yield and production forecast for soybeans.
That’s USDA Chief Economist Seth Meyer. He says that last Friday’s WASDE report provided a November surprise by cutting the previous soybean yield estimate by nearly one and a half bushels per acre.
2012 was a drought year throughout the Midwest. The yield change lowered USDA’s production estimate from October by three percent, down to 4.46 billion bushels.
Meyer says the immediate market reaction to the WASDE report was generally positive.
That was USDA Chief Economist Seth Meyer.
