The USDA released multiple reports Friday, including its January Crop Production, Quarterly Grain Stocks and Supply and Demand Reports.
Market Analyst Brian Voth says there were no real big surprises in the reports.
"You look at the global numbers, wheat was down slightly, corn is up a bit and soybeans are up a bit," he said. "It just continues to be the same theme that there's no shortage of grain anywhere in the world right now. Barring a production problem out of South America or out of the U.S. this year, there's really not a whole lot to get excited about from a pricing perspective because we're in an adequate to potentially even over-supply situation and it's been building that since 2013."
Voth notes one of the highlights was that the U.S. reported a new record corn yield at 176.6 bushels per acre up from 175.4.