Source: FARM DOC DAILY, UNIV. OF ILLINOIS, 1/16/18

The USDA released a set of reports on January 12 containing information with implications for corn and soybean prices in 2018. The National Agricultural Statistics Service (NASS) released the final estimates of the 2017 U.S. corn and soybean crops and estimates of the stocks of corn and soybeans in storage as of December 1, 2017. Additionally, the World Agricultural Outlook Board reports provided new forecasts for global supply and consumption levels during the 2017-18 marketing year. The following discussion recaps the information contained in the USDA reports and the price implications associated with them for corn and soybeans.

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