Overall quiet USDA report

Wednesday’s USDA report was a little negative on yields but nothing drastic, as it was a rather quiet report.

Corn yield estimates came up slightly from 171.9 to 172.3 bushels per acre and carryout increased slightly as well but was still below 1.2 billion bushels, the tightest level since 2012. Overall, we are still on a downward trend for available corn inventory after this last northern hemisphere growing season.

For soybeans, yield went up from 49.8 to 50.2 bushels per acre and that was more sizeable than anticipated but overall ending stocks were left at 220 million bushels which is a relatively tight number like corn.

There was little change in the wheat estimates.

A rather muted market response was observed after the report was issued at 11 a.m. The market was lower already and tried to come off of its lows.