Market Perspective

By PEARSON BURKE

During the government shutdown the USDA did not release any reports including the October Crop Production Report. Last Friday the USDA did release its November Crop Production Report. Traders were anticipating a reduction in U.S. wheat carryovers from the September report due to an increase in export sales and a slight reduction in production. Traders were also looking for corn production to top 14 billion bu due to higher yields and as a result, for corn carryovers next fall to come in at over 2 billion bu.

Well the report actually increased wheat carryovers slightly from the...