A smaller than expected corn harvest and lower than predicted soybean carryover pushed the market up on Tuesday after USDA released a slew of reports.
Here are the key numbers:
Corn: Farmers harvested 13.601 billion bushels of corn in 2015, with an average yield of 168.4 bu. per acre. That’s slightly lower than the trade’s forecast of 13.646 billion bu., with a 169.2 yield. Quarterly grain stocks came in at 11.212 billion bushels, slightly below trade expectations of 11.237 billion bushels. Ending stocks were slightly higher at 1.802 billion bushels vs. the average prediction of 1.785 billion bushels.
Soybeans: The 2015 soybean crop set new records with a harvest of 3.93 billion bushels and average yield of 48.0 bu. per acre. But those figures were still lower than the market thought it would see, given its forecast of a 3.981-billion-bushel soybean crop with an average yield of 48.3 bu. per acre. Ending stocks were also smaller than predicted at 440 million bushels compared to 468 million bushels the trade expected. So were quarterly grain stocks for soybeans, with 2.715 billion bushels of beans vs. the 2.720 billion bushels the market expected to see.
Wheat: Unfortunately for wheat farmers, ending stocks for wheat were above predictions, at 941 million bushels versus the average trade estimate of 919 million bushels. Quarterly grain stocks were also higher than expected, with 1.738 billion bushels of wheat as of December 1 compared to the market’s prediction of 1.698 billion bushels. However, winter wheat seedings of 36.609 million acres were nearly 3 million acres below what the trade expected (39.320 million acres) and last year's seedings of 39.461 million acres.
As of noon on Tuesday, corn futures were up 7 cents, soybean futures were up approximately 16 cents and wheat futures up between 11 and 12 cents.