The United States Department of Agriculture (USDA) released its November WASDE and Crop Production reports on Thursday.
Jonathon Driedger is a senior market analyst with FarmLink Marketing Solutions.
He notes overall the report was a bit of a head-scratcher.
"Probably the biggest single number that the market was anticipating coming in was looking for corn yields specifically in the U.S., maybe looking for a bit of a reduction from last month's report...We actually got a larger drop in yields than what had been expected for corn and actually a bit of a larger drop in soybeans that what had been expected. In that context, you would review the report as being quite friendly from a U.S. perspective."
Driedger says on a global perspective the USDA made a huge increase in corn stocks, specifically in China.
He notes harvest in the U.S. is well on its way after a bit of a weather delay.