January USDA Report Summary

The report was a mixed bag.

2014 corn yield was lowered again to 171 bpa from 173.4 in November.  This was below the average analyst estimations.

As a result ending stocks are down from previous estimations but still large at 1.877 billion bushels.

2014 soybean yield per acre was increased, which surprised many.  An impressive 47.8bpa from 47.5 previously.  Again acres unchanged.  That has put US soybean stockpiles (and world stockpiles) up a lot to 410 million bushels.

I think this combined with a good sized Argentinian crop is helping to contribute to the markets reaction of 30+ cents lower on soybeans.

Corn has been a nickel to 8cents higher.

Wheat stockpiles are also significantly higher than the December numbers – both US and worldwide.