(NAFB.com) – USDA released the combined World Agricultural Supply and Demond Estimates report along with its final Crop Production estimates for 2024 on Friday, and the market was quick to react. Corn futures soared over 15 cents to the highest levels since mid-June and soybean futures jumped to two-month highs. USDA slashed corn yield estimates by 3.8 bushels per acre (bpa) to 179.3 bpa. That put analysts on their heels after offering an average trade guess of 182.7 bpa. That shoves total production estimates back below 15 billion bushels, with a new projection of 14.867 billion bushels. As with corn, USDA levied unexpected cuts to soybean yield and production estimates. The average yield eroded to 50.7 bpa, versus the average trade guess of 51.6 bpa. Production stumbled from 4.56 billion bushels in December down to 4.36 billion bushels. USDA’s new outlook for wheat noted “slightly larger supplies and domestic use, unchanged exports, and marginally higher ending stocks.”