By Doug Tenney, Leist Mercantile
USDA estimated the U.S. corn yield at 168.2 bushels and the U.S. soybean yield at 47.9 bushels. Both were lowered but less than expected. Shortly after the noon report release corn was down 3 cents, soybeans up 18 cents, while wheat was up 1 cent. Minutes before the report corn was down one cent, soybeans up 15 cents, and wheat up one cent. Enthusiasm over a potential thaw in U.S./China trade talks had soybeans higher at the 9:30 a.m. grains restart.
Trader estimates for today’s report had corn and soybean yields dropping slightly compared to August. The average trade estimate for the U.S. corn yield is 167.2 bushels compared to 169.5 bushels last month. Meanwhile, the trade estimate for the U.S. soybean yield is 47.2 bushels with the August yield at 48.5 bushels. Any changes in corn or soybean acres will also be scrutinized.
USDA personnel have been in fields the last two weeks doing surveys for ear weights and pod counts.