Marty Hibbs of the Grain Farmers of Ontario says the most noticeable part of the USDA's new WASDE report was a two bushel per acre increase in corn production.
He notes corn futures have slipped back to the $3.35 level on the December contract.
Soybean carryout was also increased by 5 million tonnes in the recent report, leading to a January futures closing down 20 cents on Wednesday.
The analyst points out support is still seen in the $9.25 to $9.40 area, but if a couple days close below $9.25, producers could see a test of this year's $8.50 lows once again.
The WASDE report noted little change in wheat stocks, keeping support between $3.85 and $4.00 on the December contract.
