USDA World Agricultural Supply and Demand Estimates

The United States Department of Agriculture surprised the trade again with their yield forecasts for soybeans & corn in their report today.

USDA increased 2017-18 U.S. soybean yield by .5 bu/ac to 49.9 bu/ac, all the while the trade was looking for a slight reduction in yield from the July report to 48.7 bu/acre

2017-18 U.S. corn yield is projected to be 169.9 bu/acre, up .4 bu/ac from the August report. However, this also came as a surprise to the trade, as the average pre-report trade estimate was for a reduction in yield of 1.7 bu/ac to 167.8 bu/acre.

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