USDA Leaves Corn, Soybean Production Largely Unchanged12/12/2018
Despite a challenging harvest season, USDA on Tuesday largely left corn and soybean production unchanged at 14.626 billion bushels of corn and soybeans at 4.6 billion bushels.
USDA released its monthly Crop Production and World Agricultural Supply and Demand Estimates (WASDE) reports for December on Tuesday.
Yield projections for corn remain forecast at 178.9 bushels per acre, and soybean yield was pegged at 52.1 bushels per acre, also the same as last month.
Among the few market number changes in the report, USDA raised production estimates for Brazil’s soybean crop to 122 million metric tons (4.48 billion bushels) and raised Argentina’s soybean crop to 55.5 mmt (2.039 bb).
Tuesday’s new U.S. ending stocks estimates were neutral for corn, soybeans and wheat, said DTN Lead Analyst Todd Hultman. World ending stocks estimates from USDA were neutral for corn and wheat, but bearish for soybeans, he said.
For DTN’s exclusive audio comments on today’s reports, visit: http://listen.aghost.net/…
You can also access the full reports here:
— Crop Production: https://www.nass.usda.gov/