USDA Reports
Corn, soybeans, and cotton all saw production forecasts increase
Corn yield landed well above analysts’ average pre-report estimate, while soybean yield was slightly above.
All eyes are on whether USDA will cut new-crop corn yield toward the trade average of 177.8 bu. per acre—and what that means for ending stocks.
Stocks surprised to the upside, surpassing all analyst estimates
Minor adjustments to 2025 production indicate little change for 2025-26 ending stocks from previous figures.
The late season decline has kept ratings below year-ago levels
The modest increase comes despite placements continuing to trail 2025 levels
As USDA moves to restore confidence in its agricultural data, a closer look at livestock reports shows the agency has been getting animal inventories right — with cattle estimates missing by less than 150,000 head on average over five years.
Despite the reduction in corn, production still came in slightly above trade expectations
Cuts to yield were offset by increased acreage indications