The USDA’s January report, issued midday Friday, has been long-awaited as a final tally on 2019’s tumultuous crop year.
While many market watchers were anticipating another cut to the estimates of the 2019 harvests of corn and soybeans, the USDA shocked analysts with a significant increase in last fall’s crop size. Overall, the USDA tallied the 2019 corn harvest at 13.69 billion bushels and soybeans at 3.56 billion bushels, with yields of 168 and 47.4 bushels per acre, respectively.
These bearish figures initially sent prices downward toward one-month lows, but corn and soybeans quickly recovered, a possible sign that bargain buyers had swept into the markets. By midday Friday, March corn was worth $3.85, and March soybeans traded for $9.45 per bushel.