Overall the report was not a huge shocker. No big price movement took place at noon.
USDA estimated corn production at 13.555 billion bushels, last month it was 13.585 billion bushels. The corn yield came in at 168 bushels, compared to 167.5 last month. That is a bit bearish. Traders were expecting the corn yield to be reduced. Corn ending stocks were 1.561 billion bushels, last month they were 1.592 billion bushels. Corn acres were down as expected.
Soybean production was pegged at 3.888 billion bushels while at 3.935 billion bushels last month. The soybean yield was 47.2 bushels per acre, last month it was 47.1 bushels per acre. Soybean ending stocks were 425 million bushels, down 25 million bushels from last last month. Soybean acres were cut 1.1 million acres. No surprises there. Traders the last several months have paid strong attention to soybean ending stocks. Two months ago they had expected ending stocks to drop below 370 million bushels. … Continue readingRead More »