Big Crops Got Bigger in Tuesday's USDA Report

USDA’s November Crop Production report  is now calling for a record 3.98 billion bushel soybean harvest this fall.
USDA bumped its yield forecast up 1.1 bushels per acre from last month to 48.3 bushels per acre. Total production, 3.98 billion bushels, would be a new record. Harvested acreage was left unchanged from last month at 82.4 million acres.
Farmers are expected to harvest 13.65 billion bushels of corn, 99 million bushels more than forecasted last month, with a national average yield of 169.3 bushels per acre. That’s 1.3 bushels higher than last month’s estimate, and if it’s realized, it will be the second highest average yield and the third largest production in history.  Harvested acreage was also left unchanged from last month at 80.7 ma.
In addition to USDA’s 99 million bushel boost in production, USDA trimmed its forecast for corn use for ethanol by 75 million bushels, cut its forecast for exports by 50 million bushels and increased domestic feed and residual use by 25 million bushels.