USDA Report Update

USDA report numbers are below.  As you can see, all reported numbers were within estimates. Just like we assumed, ending stocks are higher for both corn and soybeans (domestically and globally). Soybean yield and production both adjusted slightly lower, which is most likely the cause of bean support right now. Corn yield improved by 1.2 bpa, with a final number of 176.6 bpa, but also a slightly lower harvested acre number, down 400,000 acres to 82.7 million.

 

In summary, pretty quiet January report which is not typical. At this moment (11:20 AM) corn is down a couple and beans are up 3 to 4.