At 11 AM, the USDA released their latest reports on Crop Production and Grain Stocks
Below is a recap of the range of analyst expectations and ACTUAL estimates by USDA today
CORN
U.S. Production (Billion Bushels):
Average Estimate: 13.513
USDA ACTUAL: 13.692 using 168.0 yield and 81.5 million acres
USDA Previous: 13.661
Last Year: 14.420
U.S. 2019/20 Ending Stocks (Billion Bushels):
Average Estimate: 1.742
USDA ACTUAL: 1.892
USDA Previous: 1.910
USDA 2019/20 World Corn Ending Stocks (Millions Metric Tons)
Average Estimate: 296.6
USDA ACTUAL: 297.81
USDA Previous: 300.6
Last Year: 319.2
SOYBEANS
U.S. Production (Billion Bushels)
Average Estimate: 3.512
USDA ACTUAL: 3.558 using 47.4 yield on 75 million acres
USDA Previous: 3.550
Last Year: 4.428
U.S. 2019/2020 Ending Stocks (Million Bushels)
Average Estimate: 424
USDA ACTUAL: 475
USDA Previous: 475
USDA 2019/20 World Soybean Ending Stocks (Million Metric Tons)
Average Estimate: 95.4
USDA ACTUAL: 96.67
USDA Previous: 96.4
Last Year: 109.8
Initially, both corn and beans were down 7 to 8 cents. As of about 11:15 AM, corn is up 1 to 2 and beans are steady to down 1.
There is still a lot of information for everyone to dig through, so we might see some more swings before the day ends.
Tune in to our podcast later today for more information.
