Results of USDA's Friday Reports

Friday the USDA released 11 different reports: among them the much anticipated Crop Production report, grain stocks and World Ag Supply Demand Estimate or WASDE report.

USDA's Gary Crawford shares some of the highlights

Crawford: "USDA truing up first its estimates for 2013 for crop production for corn. A smaller crop than had been forecast last month -- yields down about 1 and 1/2 bushels an acre or 64 million bushels for a crop of 13.9 billion. The corn stocks report showing December stocks 10.4 billion bushels below the average trade estimates with 30 percent more than a year ago. Price forecast ticking at $4.40 per bushel."

Crawford turns to wheat.

Crawford: "Less use than expected in the forecast and USDA's price forecast down a dime to $6.80 a bushel."

Wheat stocks were 12 percent lower than a year ago with all wheat stored in all positions on December 1, 2013 totaled 1.5 billion bushels. On-farm stocks are estimated at 399 million bushels, down slightly from last December. Off-farm stocks, at 1.1 billion bushels, are down 16 percent from a year ago.

The USDA's Winter Wheat Seedlings Report states White Winter wheat seeded area totals nearly 3.4 million acres, down 3 percent from 2013. Planted acreage in Idaho, Oregon, and Washington is down from last year. Planting got off to a normal start but by the middle of October progress was behind the 5-year average pace in Idaho and Washington. By November 10, seeding was virtually complete in the region.