I. ECONOMIC ANALYSIS: On November 15 th, the soybean futures market fell. Specifically, the JAN soybean contract closed down $0.3500/ bu. compared to the previous day's close. For each of the following events, indicate if the event listed could be consistent or inconsistent given the economic explanation for what happened in the soybean futures market on that day. Circle the most correct choice. (3pts each) 1. On November 22, the World Agriculture Supply and Demand Board (WASDE) released estimates that showed the United States was going to have record soybean yields and acreage for the new crop year, this was not anticipated by the market. Consistent explanation Inconsistent Explanation 2. The Chinese placed a 25% tariff on U.S. soybeans exports to China. The trade retaliation had been widely anticipated by the market. Consistent explanation Inconsistent Explanation 3. On November 22, the National Oceanographic Atmospheric Administration's (NOAA) new model forecast showed that E1 Nino was going to have greater negative effects on Brazilian soybeans yields than originally anticipated. Consistent explanation Inconsistent Explanation 4. Surprisingly, on November 22, the United States Congress passed legislation that no longer mandated (required) the use of soybeans in the production of U.S. biodiesel. Consistent explanation Inconsistent Explanation