On Thursday, the USDA has released its October World Agricultural Supply and Demand Estimates (WASDE) Report.

Dan Basse, president of Ag Resource Company in Chicago, says the big highlight was the fallen U.S. soybean yield of a half bushel per acre. He notes harvested acreage was increased, however the net result was a decline in end stocks to 430 million bushels. Basse says the end result was a relief rally in Chicago.

He added the corn yield went the other direction.

"We now have the second largest U.S. corn crop on record. A yield close to 172 bushels an acre, harvest acreage was cut slightly. At the end of the day, we have corn end stocks above 2.3 billion, which is more than adequate, but corn followed along for the ride with prices showing a modest bounce."

Basse said the report also indicated record world wheat production.

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