Today was a huge surprise with corn and soybean yields higher, not lower. The market is not taking out post report lows in the minutes following the noon release. It could indicate end users are stepping in to cover needs.
USDA put the U.S. corn production at 14.184 billion bushels with a yield of 169.9 bushels per acre. Ending stocks were pegged at 2.335 billion bushels. Last month corn ending stocks were 2.27 billion bushels. USDA put the U.S. soybean production at 4.43 billion bushels with a yield of 49.9 bushels per acre. Soybean ending stocks were estimated at 475 million bushels. Last month soybean ending stocks were 475 million bushels. Ending soybean stocks were unchanged due to higher crush and higher exports.
As the noon hour approached, corn was down 5 cents, soybeans were down 2 cents, with wheat unchanged. Shortly after the report, corn was down 8 cents, soybeans were 13 cents, with wheat down 3 cents
Going into the USDA report today, the average trade estimate for corn production was 14.03 billion bushels with a yield of 168.2 while ending stocks were estimated at 2.17 billion bushels.