General Comments Today's markets were dominated by the November series of USDA reports that included yield and production updates and supply and demand revisions. Those reports are detailed in a separate analysis, but here are the quick bites:

Increased corn and soybean yields were offset by smaller harvested acres and increases in demand. The bearish surprise was that there was no change in the U.S. wheat export forecast that resulted in slightly higher ending supplies than expected. Brazilian and Argentine soybean production estimates were left unchanged from September at 88 and 53.5 MMT, respectively. Argentina's wheat crop was reduced to 11 MMT. That is above most other estimates.

The trade is looking for next week's crop...