Markets surprised by USDA report

The surprise from Monday’s Sept. 12 USDA report came in the soybeans.

Production estimates were lowered from August by the agency and harvest yield was at 50.5 bushels per acre down from 51.9 last month. Harvested acreage also went down.

For corn, the yield of 172.5 this month is pretty much in line with what the trade was expecting, down from 175.4 in August. Corn harvested acres were lowered.

Once Monday’s report was released late morning, soybean prices jumped quite a bit higher.