The US Department of Agriculture (USDA) lifted its forecasts for harvests of maize to record highs in its November World Agricultural Supply and Demand Estimates (WASDE) report, adding further pressure to grain markets. Investors had expected yield forecasts to be cut back this month and futures prices fell sharply as news of the increase emerged. US maize production in 2016 was marked at 15.2bn bushels, according to USDA. The USDA increased its average maize yield forecast from last month by 1.9 bushels/acre to an all-time high of 175.3 bushels/acre.
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