USDA released their January WASDE reports along with Quarterly Stocks. They trimmed both acres and yield in their final production numbers for the 2016 corn and soybean crops.

The final corn yield was reduced to 174.6 bushels per acre which resulted in 78 million bushels less production.  Corn feed use was reduced 50 million bushels while FSI (ethanol) use increased by 25 million bushels.  The net result was ending stocks were reduced by 48 million bushels down to 2.355 billion bushels.

The final soybean yield was reduced to 52.1 bushels per acre.  The combination of reduced acres, yield, and imports resulted in 60 million bushels less supply which came right off the bottom line.  Ending stocks were reduced from 480 million bushels down to 420 million bushels.

World corn and soybean ending stocks were also reduced however the Brazilian soybean production estimate was increased by 2 MMT up to 104 MMT.

Read the complete January WASDE report here

Graphics courtesy of Advance Trading Inc