March corn finished the Report day session 2’2 at 374’2 and December down 1’0 at 399’2. For all the data the USDA offered the market, there really wasn’t much that changed or much to really get excited about. Corn had a truly “mixed bag” of reports. On the supply side of the balance sheet is Crop Production. To no surprise, the corn yield was lowered, however, it did go well below what the average trade was estimating.
At face value, this is typically a bullish scenario corn, but the market closed lower while soybeans managed to post a higher close on a mostly bearish, but expected, series of reports.
Dropping below the average trade estimate and last year’s record, the national average yield came in at 176.4 bushels per acre. This lowered production by 205.875 million bushels from the November estimate.
Of theTop-14 producing states, North Dakota was the only to see yields rise from the November estimate while Michigan was cut by 13 bushels/ac or 18.58 million bushels.
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