@kannbwx

Here's a reminder of the last estimates of 2021 U.S. corn and soybean production from NASS. Corn yield went up in Nov. but soybean yield fell unexpectedly. "Final" figures will be featured in the January round of reports.

@kannbwx

World stocks are mostly seen increasing from last month's estimates, but not by large degrees. Keep an eye out for the wheat stocks, which have been somewhat surprising versus expectations over the last few months.

No changes this month to the U.S. balance sheets for #corn or #soybeans. Modest increase to #wheat stocks, largely based on a 20 million-bushel reduction in exports.

@kannbwx

World #wheat stocks come in bigger than expected as #Russia's crop +1 mmt (no change in exports) and #Australia's crop +2.5 mmt.

#Corn stocks also up on various small tweaks. #Soybeans below expectations for a change with #China's crop down 2.6 mmt.

@kannbwx

The only change this month for South American production is +1 mmt for #Brazil's 2020/21 #corn harvest.

 All 2021/22 crop estimates are unchanged. #Argentina's 21/22 #wheat crop is unchanged at 20 mmt.

Over 100mmt's of beans and we are at almost $13?  That seems kind of hard for me to wrap my head around.