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.