The February World Agricultural Supply and Demand Estimates (WASDE) report was released on Friday, February 8.
President of Ag Resource Company in Chicago, Dan Basse, says U.S. corn and soybean yields are down from last harvest.
"The soybean yield fell half a bushel per acre, corn almost two and a half, so that was supportive to the overall theme. As we look at the demand side of things, the Chinese soybean import number was dropped two million metric tonnes, Brazilian's crop came down five million metric tonnes to 117 million metric tonnes, while the Argentinian corn crop got record large at 46 million metric tonnes."
Basse says, U.S. farmers also decided to plant their lowest amount of winter wheat in 110 years.
He says, the report didn't excite too many Chicago traders as all eyes will be on China and U.S. trade talks next week.
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