Corn and Soy Prices Plummet as Yield and Production Surge

The USDA's November World Agricultural Supply and Demand Estimate (WASDE) report revealed higher-than-expected yield and production changes for corn and soybeans, leading to a sharp decline in their respective markets. Corn production reached a record high of 15.234 billion bushels, while soybean ending stocks increased. Despite recent sales of U.S. beans to China and unknown destinations, soybean futures also experienced a significant drop. Wheat supply and demand remained relatively unchanged, with minor adjustments in imports and food use. The focus now shifts to Brazil's weather conditions and external political and macro developments.