Soybeans up 3.73% at 1423.75; wheat up 4.61% at 664; corn up 5.08% at 517.25.
From DTN Progressive Farmer (this is the post I was thinking of when the giant chickens jumped out)
This article was originally posted at 11:03 a.m. CDT. It was updated at 11:25 a.m.
*****OMAHA (DTN) -- USDA on Tuesday released its January Crop Production, World Agricultural Supply and Demand Estimates (WASDE), Quarterly Stocks and Winter Wheat Seedings reports.
USDA lowered soybean ending stocks to 140 million bushels (mb), a 35 mb decline that was within the range of pre-report expectations. The agency increased its export forecast by 30 mb and its crush estimate by 5 mb to result in the lower ending stocks figure. USDA also surprisingly lowered the 2020-21 corn crop yield 3.8 bushels per acre (bpa) to 172 bpa. That dropped production 325 mb, which also lowered corn ending stocks for the crop as well.
According to DTN Lead Analyst Todd Hultman, Tuesday's new U.S. ending stocks estimates were bullish for corn and wheat, neutral in terms of expectations for soybeans, while the world ending stocks estimates were neutral for corn, soybeans and wheat.
Hultman pegged Tuesday's Grain Stocks report as bullish for corn, and neutral for soybeans and wheat.
Check this page throughout the morning for important highlights from the reports and commentary from our analysts on what the numbers mean.
You can also access the full reports here:
-- Crop Production, Quarterly Stocks and Winter Wheat Seedings:
-- World Agricultural Supply and Demand Estimates (WASDE):SOYBEANS
USDA lowered soybean production in its annual Crop Production estimates to 4.135 billion bushels (bb), a 35 mb decline from previous estimates. The national average yield was pegged at 50.2 bpa, .5 bpa lower than last month. USDA said it made the largest reduction in Minnesota, Iowa and Kansas. Harvest area increased slightly to 82.3 million acres....
....MUCH MORE
And at the USDA:
