Wednesday Oct 12th USDA Report Summary

Of greatest note to me is that the USDA has lowered (again) it’s expected to corn yield to 173.4 (which is still huge) but raised soybean yield to 51.6 (really huge).

Traders were expecting this – which is why markets reacted the way they did.  That said – it is interesting to see this corn number continue to decline.

The soybean yield may come back to bite us – especially since the Ontario yield is high so far.  We are already seeing basis reductions and soybeans being piled on the ground.