The USDA corn production number was below the average of pre-report trade estimates of 14,053 million bushels but for soybeans was above the trade average of 3,270 million bushels.
Corn futures prices rallied about 10 cents a bushel shortly after the report while soybean futures traded mostly higher.
Average corn yield was estimated at 158.8 bushels an acre, down 1.6 bushels from November but up 35.4 bushels from 123.4 bushels an acre as the final 2012 average yield. Harvested area was estimated at 87,668,000 acres, up from 87,232,000 acres in November and from 87,375,000 acres in 2012.
Soybean yield was estimated at 43.3 bushels an acre, up 0.3 bushel from November and up 3.5 bushels from 39.8 bushels an acre in 2012. Harvested area was estimated at 75,869,000 acres, up from 75,688,000 acres in November but down slightly from 76,164,000 acres in 2012.
The USDA yield number for corn was below the average trade forecast of 161.1 bushels an acre but for soybeans was slightly above the trade average of 43.2 bushels.