USDA Crop Production Numbers

US soybean production seen at 3.319 billion bushels, with an average yield of 43.3 bu/acre. that's above the average trade expectation of 3.269 billion bu and 42.7 bu/acre.

Interestingly all the big leading "faces" like Allendale, Informa and FC Stone were in that kind of ballpark, with Informa and FCS actually a little higher than these numbers, so they might not be quite as bearish as at first glance.

Corn, conversely, came in a little below expectations at 12.921 billion bushels and a yield of 162.9 bu/acre. Pre-report estimates were for 12.995 billion and 163.7 bu/acre. All the leading faces were estimating in excess of 13 billion, so I guess you could call the corn numbers slightly bullish.

Both corn and beans are still record crops.

Elsewhere the USDA raised global soybean production by 4 MMT to 250.23 MMT, increases came from the US of 2 MMT, Brazil 1 MMT (to 63 MMT) and Argentina by 0.5 MMT to 53 MMT.

The world wheat crop was raised from 668.12 MMT to 671.89 MMT, with Canadian production only dropped 0.5 MMT to 24 MMT. Russian output was increased 2 MMT to 59 MMT, Kazakh output by 2 MMT to 17 MMT and Ukraine was upped a half million to 20.5 MMT.

Early calls from CBOT floor are corn up 2-4 cents, beans dn 5-10 cents.