Shocking report from supply standpoint

Friday’s USDA report had some shocking news on the supply front as USDA sliced 3.8 bushels off the national average corn yield.

This was from the last survey-based estimate in November. USDA has the national corn yield pegged now at 179.3.

“I don’t know in my career that I’ve ever seen that much of a drop in the January report,” Brian Basting of Advance Trading told The Central Illinois Farm Network.

All across the Midwest, yields were down from what they were in November with one or two exceptions.

The soybean yield was down one bushel from what it was in November, going from 51.7 to 50.7.

“The end result of that was some minor adjustments to usage,” explained Basting.

Carryout was much tighter than what the trade was expecting.