Pro Farmer newsletter (Nov. 13, 2021) is now available

USDA shocked traders by lowering its soybean crop and yield estimates this month, which led to a smaller-than-anticipated increase to projected ending stocks. That triggered a big upside price rebound in soybeans futures immediately after the report. But ending stocks of 340 million bu. aren’t bullish, so the upside is likely limited to short-term corrective buying. USDA’s corn crop estimate was a little bigger than anticipated, which kept ending stocks from declining as much as traders expected. The wheat data was mostly neutral. Cotton firmed post-report, despite both the crop size and ending stocks coming in higher than anticipated. Besides the USDA report data, inflation was the other major focus as U.S. consumer prices hit a nearly 31-year high and producer prices jumped even more. Inflation is also a concern in China. There was also a lot of U.S. and Chinese trade data out this week. We cover all these topics and much more in this week’s newsletter, which you can access here.