The USDA crop production estimates for corn and soybeans came in well below trade expectations. U.S. corn production is estimated at 14.8 billion bushels and the trade had dialed in a 15 billion bushel figure. The average corn yield came in at 179.3 bushels per acre, nearly four bushels below the November report. Soybean production totaled 4.3 billion bushels for 2024, down from an average trade guess of 4.4 billion. USDA reports the average soybean yield at 50.7 bushels per acre, down one bushel from November.
