Corn
Corn futures fell about 5% as USDA raised the national yield. Former USDA chief economist Seth Meyer says the data raises fair questions, but he doesn’t think sampling alone explains the jump.
Corn yield landed well above analysts’ average pre-report estimate, while soybean yield was slightly above.
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Harvest in the eastern Corn Belt is advancing well around rains, while efforts in areas of the western Corn Belt are rain-delayed.
USDA pegged the national corn yield at 178.5 bu. per acre, while the soybean yield was increased 0.1 bu. to 52.8 bu. per acre.
Pre-report estimates signal another yield reduction for corn and steady prospects for soybeans as objective data comes into focus.
Corn futures kicked off September at contract highs after posting the biggest August percentage gain since 1980. History shows September can go either way after extreme August rallies, underscoring the need for a solid marketing plan.
Scouts measured average corn yield potential of 193.98 bu. per acre. Pod counts in a 3’x3’ square averaged 1,362.93.
Scouts measured average corn yield potential of 199.01 bu. per acre. Pod counts in a 3’x3’ square averaged 1,257.80.