Source: FARM DOC DAILY, UNIV. OF ILLINOIS, 1/17/17


On January 12, the USDA released a set of reports with major implications for corn and soybean prices in 2017. The National Agricultural Statistics Service (NASS) released the final estimates of the 2016 U.S. corn and soybean crops and estimates of the stocks of corn and soybeans in storage as of December 1, 2016. Additionally, the World Agricultural Outlook Board released new forecasts for U.S. and world supply, ending stocks, and consumption levels during the 2016-17 marketing year on both crops. These estimates and forecasts will affect corn and soybean price dynamics through the spring of 2017. The following discussion recaps corn and soybean crop estimates and the price implications associated with them.

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