USDA Crop Production report released today

USDA released very bullish corn and soybean production numbers in its monthly Crop Production report Friday morning. Corn production's forecast 4% lower than the September report (at 12.7 billion bushels), while soybeans were adjusted 2% lower from a month ago (at 3.41 billion bushels). Corn yields are pegged at 155.8 bushels per acre, down 6.7 bushels from last month and 8.9 bushels below the 2009 crop. Soybeans are expected to average 44.4 bushels per acre, down slightly from last month's guess and up a bit from a year ago. Read more on the report here.