The USDA's final 2016 Crop Production and Grain Stocks reports are out with a few surprising numbers in the production report.
Iowa's corn yields broke 200 bushels an acre for the first time, ending at 203. The state produced 2.74 billion bushels of corn.
Nationally, corn for grain averaged 174 point six bushels an acre and final production numbers were 15.1 billion bushels. Final acres planted were nearly 94 million acres, acres harvested were nearly 86 million.
Iowa's soybean yields were also a record high at 60.5 bushels an acre, producing 554 million bushels.
National soybean yields are at 52.1 bushels an acre for a total of 4.3 billion bushels. Final acres planted were around 83 million, acres harvested were at 82 million.
The production numbers were a bit surprising for soybean markets. Front months ended the day up nearly 30 cents.
Market Analyst Alan Brugler with Brugler Marketing and Management says, "Basically, USDA gave us a little bit of a surprise, they cut both the soybean and corn production numbers from the previous estimates, cut the national average yields, and in beans case, cut the harvested acreage a little bit as well. That, for the most part, flowed through to the grain stocks reports. So the December 1 stocks were tighter than expected particularly on the bean side."