Corn and Soybeans Bring in More Bushels Than Expected

The USDA’s annual Crop Production report places average 2011 yields for corn at 147.2 bushels/acre and soybeans at 41.5 bushels/acre. The yields hint at a higher than expected crop estimate for both the grains – corn could turn in 12.4 billion bushels and soybeans around 3.06 billion bushels.

The higher crop quantities could likely result in the grains opening limit-down Thursday, as the market had expected a corn crop in the range of 12.170-12.375 billion bushels and soybeans at 3.010-3.080 billion bushels.

“Part of the reason for these yield numbers is we had a good fall and test weights were high,” said commodities trader and analyst Roose. “The outside markets are firm, which will lend a little support. But, knowing the volatility of these reports, it’s reasonable to think that we’ll trade limit-down.”

Here’s how ag stocks closed the day reacting to the big report:

Deere & Company (NYSE:DE): DE shares recently traded at $84.44, down $0.06, or 0.07%. They have traded in a 52-week range of $59.92 to $99.80. Volume today was 4,684,928 shares versus a 3-month average volume of 4,308,540 shares. The company’s trailing P/E is 12.74, while trailing earnings are $6.63 per share.

Potash Corp. of Saskatchewan, Inc. (NYSE:POT): POT shares recently traded at $43.45, down $0.35, or 0.8%. They have traded in a 52-week range of $38.42 to $63.97. Volume today was 13,765,509 shares versus a 3-month average volume of 7,828,390 shares. The company’s trailing P/E is 13.11, while trailing earnings are $3.32 per share.

CF Industries Holdings, Inc. (NYSE:CF): CF shares recently traded at $166.29, down $0.87, or 0.52%. They have traded in a 52-week range of $115.34 to $192.70. Volume today was 3,255,028 shares versus a 3-month average volume of 1,926,170 shares. The company’s trailing P/E is 9.15, while trailing earnings are $18.18 per share.

Mosaic Co. (NYSE:MOS): MOS shares recently traded at $54.59, down $0.45, or 0.82%. They have traded in a 52-week range of $44.86 to $89.24. Volume today was 8,783,242 shares versus a 3-month average volume of 5,602,520 shares. The company’s trailing P/E is 10.42, while trailing earnings are $5.24 per share.

Monsanto Co. (NYSE:MON): MON shares recently traded at $80.27, up $0.42, or 0.53%. They have traded in a 52-week range of $58.89 to $79.97. Volume today was 7,615,776 shares versus a 3-month average volume of 3,959,790 shares. The company’s trailing P/E is 25.26, while trailing earnings are $3.18 per share.

Intrepid Potash, Inc. (NYSE:IPI): IPI shares recently traded at $24.49, down $0.22, or 0.89%. They have traded in a 52-week range of $20.75 to $40.22. Volume today was 901,982 shares versus a 3-month average volume of 640,433 shares. The company’s trailing P/E is 18.01, while trailing earnings are $1.36 per share.

Agrium Inc. (NYSE:AGU): AGU shares recently traded at $74.29,. They have traded in a 52-week range of $60.15 to $99.14. Volume today was 1,431,104 shares versus a 3-month average volume of 1,277,880 shares. The company’s trailing P/E is 8.89, while trailing earnings are $8.36 per share.

Rentech Nitrogen Partners LP (NYSE:RNF): RNF shares recently traded at $19.97, down $0.01, or 0.05%. They have traded in a 52-week range of $16.04 to $20.65. Volume today was 220,670 shares versus a 3-month average volume of 534,576 shares.

Syngenta AG (NYSE:SYT): SYT shares recently traded at $60.66, up $0.92, or 1.54%. They have traded in a 52-week range of $49.13 to $71.87. Volume today was 226,001 shares versus a 3-month average volume of 240,827 shares. The company’s trailing P/E is 17.92, while trailing earnings are $3.39 per share.

AGCO Corporation (NYSE:AGCO): AGCO shares recently traded at $49.93, down $0.07, or 0.14%. They have traded in a 52-week range of $30.11 to $59.81. Volume today was 2,323,385 shares versus a 3-month average volume of 1,732,420 shares. The company’s trailing P/E is 12.75, while trailing earnings are $3.92 per share.

Titan Machinery, Inc. (NASDAQ:TITN): TITN shares recently traded at $23.24, down $0.34, or 1.44%. They have traded in a 52-week range of $15.58 to $32.03. Volume today was 168,976 shares versus a 3-month average volume of 229,352 shares. The company’s trailing P/E is 12.44, while trailing earnings are $1.87 per share.

CNH Global NV (NYSE:CNH): CNH shares recently traded at $41.99, down $0.18, or 0.43%. They have traded in a 52-week range of $22.19 to $54.45. Volume today was 349,751 shares versus a 3-month average volume of 445,851 shares. The company’s trailing P/E is 10.59, while trailing earnings are $3.97 per share.