Corn production for 2017-18 was raised to 14.58 billion bushels on an estimated record yield, up from October's estimate of 14.28 billion bushels. The number was outside the range of pre-report expectations. If realized, this will be the highest yield on record for the United States. Domestic corn ending stocks for 2017-18 were pegged at 2.49 billion bushels, up from the October projection of 2.340 billion bushels and outside the pre-report estimates.
Soybean production for 2017-18 was lowered to 4.425 billion bushels, down from 4.431 billion bushels predicted in the October report. The soybean number was within the range of pre-report estimates. USDA pegged soybean acreage for 2017-18 at 89.5 million acres, the same from its October estimate. If realized, it would be a record high for soybean acreage.
USDA pegged the average corn yield for the 2017-18 season at 175.4 bushels per acre, up from its October estimate of 171.8 bushels per acre. The average soybean yield was projected to reach 49.5 bushels per acre, the same from the October estimate. As always, more analysis here on today's Big Show: