The January World Ag Supply and Demand Estimate numbers show that the final 2019 corn yield came in at an average of 168 bushels per acre, nearly two full bushels above industry estimates.
Total corn production was 13.7 billion bushels, up 31 million as higher yield more than offset a reduction in harvested acres, which totaled 81.5 million. The season-average corn price for producers is unchanged at $3.85 per bushel.
Soybean production came in at 3.56 billion bushels, eight million larger on higher yield results. Yield estimates were 47.4 bushels per acre, with harvested acres at 75 million, down slightly from the previous report. The season-average price for beans is $9.00 a bushel, up 15 cents in part because of stronger soybean oil prices.
The outlook for wheat is stable supplies, increased feed, and residual use, as well as lower stocks. Feed and residual use rose 10 million bushels on lower second-quarter stocks, while seed use dropped by one million bushels on lower planted area forecast for the upcoming season. The season-average farm price for wheat is unchanged at $4.55 per bushel.