Following are the key estimates from the November 2017 WASDE:  

  2017’s yield magic continues. USDA/NASS raised its estimated U.S. average corn yield to a record 175.4 bushels/acre (BPA), which is 0.8 BPA higher than last year’s record. Two back-to-back corn yield records is a highly unusual occurrence. It makes us wonder what the result would have been had better weather conditions prevailed last summer. The higher yield on unchanged harvested acres bumped estimated U.S. corn production up to 14.578 billion bushels. Today’s corn production estimate along with stocks carried over from 2016/17 mean that total U.S. corn supplies for 2017/18 are virtually identical with those available last year. This encourag...