Mike Pearson takes a look at the commodity markets after an eventful week in the United States.

On top of the election of now President Donald Trump, the federal reserve decision to lower interest rates a quarter percent and the USDA released two reports.

The crop production report was released Friday. The production results- showed some small but notable estimates to watch.

Corn production came in at 183.1 bushels per acre down from the estimate of 183.8 million in October.

The overall estimate for production is set to be 15.14 billion bushels total-- a modest shift from the October report.

The effects from the changes in the crop production report will be a ripple effect across feed and export markets.

When it comes to soybeans, the crop production report showed 51.7 bushels per acre down from 53.1 last month.

The report showed the USDA expects 4.46 billion bushels in soybean production-- also down from October.

The WASDE report was also released Friday.

The feed and residual category was left unchanged as well as ethanol.

On the soybean balance sheet, the 2024/25 crush was trimmed by 15 million bushels and cut exports by 25 million bushels.

Residual use was cut by a one million bushels.

The corn and soybean markets traded higher on Friday with the wheat markets showing some weakness.

Related:Farm Progress America, Dec. 10, 2024

Due to the drought in the east, yields could be trimmed again in January.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, farm broadcaster and host of This Week in Agribusiness.