Mike Pearson takes a look at the WASDE report released Friday.

The report is the first guess at production in both the United States and South America.

The Supply and Demand report showed analysts project 14.89 billion bushels in corn production and 181 bushel per acre.

Ethanol demand remains robust with an expectation of 5.45 billion bushel to be used.

While exports expect to increased to 2.2 billion bushels.

The soybean production report was bearish. The best guess is 4.54 billion bushels in production over 86.5 million acres with a projected yield of 52 bushels per acres. The report made soybean prices turn positive.

When it comes to wheat, the report projects 400 million more bushels than in 2023. This rallied wheat prices.

In South America, analysts lowered corn production to 200 million metric tons that's a cut of 122 million bushels.

And in Argentina, the analysts cut 200 million tons from the projected yield.

Soybeans were also cut in Brazil by 1 million metric tons.

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.