January 11th USDA Crop Report Summary

Overall a generally positive report for Corn and Soybeans.

Corn production was lowered from the Nov estimate but a small amount, and below analyst’s estimate by 50 million bu, at 15.148 million bu.  This was based on a 174.6 average yield (this was lowered from 175.3) and 86.7 million harvested acres, also lower by a bit.

Soybean production was lowered by a higher amount, which I think must have been a surprise given the market reaction.  Again, yields were lowered as was the harvested acres.  Soybean yield pegged at 52.1 vs. 52.5 last report.