Lower than predicted corn ending stocks and soybean ending stocks resulted in mixed markets predicted Thursday after USDA released a bevy of reports. March corn dropped 3 cents to $3.54 1/4, while January soybeans soared up 15 cents to $10.15 following the reports’ release. Here are the key numbers from Thursday’s World Agricultural Supply and Demand Estimates annual crop production and Quarterly Grains reports:
Corn yield of 174.6 bushels per acre, which is less than the average trade guess, according to Reuters, of 175.1 bushels per acre.
Corn production of 15.148 billion bushels, which is less than the average trade guess of 15.196 billion bushels. Corn ending stocks of 2.355 billion bushels, which is less than the average trade guess of 2.385 billion bushels. Quarterly grain stocks for corn came in at 4.72 billion bushels as of June 1, 2016.
Soybean yield of 52.1 bushels per acre, which is below the average trade guess of 52.7 bushels per acre.
Soybean production of 4.307 billion bushels, which is less than the average trade guess of 4.374 billion bushels. Soybean ending stocks of 420 million bushels, which is below the average trade guess of 468 million bushels. Quarterly grain stocks for soybeans were 2.5 billion bushels.
Wheat ending stocks of 1.143 billion bushels million metric tons for 2016, which is slightly more than the trade guess of 1.41 billion bushels. Estimated plantings for all wheat as of December was 50.2 million acres.