The Monday USDA report pegged 2016 US corn production slightly lower than the August report, which the market had predicted would happen. Yield was reduced to 174.4 b/acre from 175.1 bu per acre from August. That said, it is still predicted higher than the other guessers in the market so the impact on corn futures was slightly bearish.
Soybean yield was put up to 50.6 from 48.9 which is a large jump from the August estimate. While a slight increase was expected this rise exceeded most guesses. Given weather conditions it could be possible. That said, soybean futures took a dive after the report.
Some good news in all of this are stockpiles – which were pretty much at expectations for corn but lower for soybeans – so demand is strong.