The WASDE report held a few surprises, including increased yields for both corn and soybeans.
The American Farm Bureau says the numbers show the resiliency of the U.S. corn crop this year after a summer filled with drought conditions.
“We were facing really potentially desperate situations earlier this summer with drought. They’ve revised yields back up 1.9 bushels to 174.9 bushels nationally, putting us back on track for a record corn crop. So corn’s gotten bigger, we’re going to see loosening supplies with that. Soybeans, similar story, they also saw a bump up in yield to 49.9 bushels an acre.”
With harvest now coming to an end, all eyes will be on South America; specifically, how much they are going to plant, and the impact it could have on the global supply.
