"USDA Reports Record Corn and Soy Yields, Sending Grain Prices Plummeting"
The USDA released its latest reports, showing a record national average corn yield of 177.3 bushels per acre and a production of 15.34 billion bushels, along with an increase in soybean production to 4.17 billion bushels. The reports also indicated higher ending stocks for corn and soybeans, with bearish estimates for corn and neutral estimates for soybeans and wheat in the world ending stocks. Additionally, the reports revealed decreased farmgate prices for corn and soybeans, and a decrease in winter wheat seedings by 6%. The January WASDE report also highlighted increased beef and pork production levels for 2024, impacting future prices and domestic demand growth.