Market reaction was swift following the publication of reports last Friday from the USDA including the annual crop production report. USDA Chief Economist Seth Meyer says changes made to corn and soybean yields were the focus.
Those changes were made in the final production estimates for 2024. Meyer says corn yields saw a major adjustment.
Meyer points to a similar adjustment in soybean yields for the 2024 crop.
For those looking for changes to international numbers, the corn production number for South America was unchanged says Meyer.
The World Agricultural Outlook Board this month kept production forecast estimates for corn and soybeans the same as the December 10th report according to Meyer.
No change was made by the World Outlook Board for the season ending average price for soybeans, the January price estimate for corn was raised 15 cents from December.
