The USDA corn production number was below the average of pre-report trade estimates that was near 15.198 billion bushels and for soybeans also was below the trade average that was near 4.380 billion bushels.
Corn futures were lower and soybean futures were higher following the crop production report, with prices also affected by USDA quarterly Grain Stocks and World Agricultural Supply and Demand Estimates reports.
Average corn yield was estimated at a record 174.6 bushels an acre, down 0.7 bushels from 175.3 bushels in November but up 6.2 bushels from 168.4 bushels an acre as the final 2015 average yield. Harvested area was estimated at 86,748,000 acres, down slightly from 86,836,000 acres in November but up 7% from 80,749,000 acres in 2015.
The USDA yield number for corn was below the average trade forecast of 175.3 bushels an acre and also below the average trade estimate for soybeans of 52.7 bushels.There were no revisions to 2016 wheat production numbers from the Sept. 30 Small Grains 2016 Summary.