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USDA Surprises With Smaller Yield Estimates

The USDA released its January Crop Production, WASDE, and Grain Stocks reports today causing a bullish reaction from the U.S. markets, initially. 

In its January Supply/Demand and Crop Production Reports, the USDA upped its U.S. 2015/16 soybean carryout from its November estimate of 465 million bushels to 440 million bushels, above the average trade estimate of 468 million bushels.

For corn, the U.S. 2015/16 carryout is seen at 1.802 billion bushels, compared with the average trade estimate of 1.785 billion bushels, equal to the USDA’s last estimate in November. 

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