USDA Report Recap January 10, 2020

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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.