USDA increased the numbers for corn, soybeans, cotton and oranges in the latest crop production forecast out Wednesday.
Corn production is now forecast at 15.2 billion bushels, up one percent from the October forecast and 12 percent higher than last year with yields expected to average 175.3 bushels per acre, which will be the highest yield and production on record.
Soybean production gained two points in the new forecast at a record 4.36 billion bushels, up 2 percent from October and up 11 percent from last year. Yields are expected to average a record 52.5 bushels per acre.
All cotton production is forecast at 16.2 million 480-pound bales, up one percent from October and up 25 percent from last year. And the all orange forecast for the 2016-2017 season is up two percent from last month at 5.32 million tons, but that is 10 percent less than last year.
Discussing the new numbers today for the MGEX Crop Report Conference Call was Brian Basting of Advance Trading, Inc. Take a listen to his analysis here: MGEX November Crop Call