USDA released new Production, Supply/Demand, Quarterly Stocks and Winter Wheat acreage reports this morning.

USDA cut the size of the corn and soybean crops in its final 2006 production report. Corn production was estimated at 10.535 billion bushels versus the previous 10.745 billion bushels estimate and soybean production at 3.188 billion is down from 3.204 billion.

Corn ending stocks were trimmed to 752 million bushels, down nearly 150 million from pre-report trade estimates. Soybean ending stocks of 575 million bushels were up 10 million from the previous estimate, but were down about 25 million from trade guesses. Quarterly stocks as of December 1 were below pre-report estimates. Corn stocks stood at 8.930 billion bushels, down about 140 million from pre-report estimates and soybeans at 2.697 billion bushels were down just over 50 million from trade guesses.

Winter wheat seedings were also reported. All winter wheat area stands at 44.089 million acres, up from a year ago at 40.575 million. The acreage by class breaks down to 31.9 million acres of HRW, 8.3 million of SRW and 3.9 million of white wheat. The SRW actual seedings are above the average guess, while HRW and white actual numbers fell below the average trade guess.

Full USDA report for all crops is online.

SOURCE: Doane editors from USDA report.