9/11/2026

It is USDA report day and it seemed like one of the most important reports we have had in a while.  The USDA placed corn yield at 178.5 bpa vs an average guess of 178.2.  They were in line with expectations and admitting we have an issue brewing.  This likely won’t be our lowest yield we see, but it at least drew a line in the sand for a starting point.  They helped soften the burden on the balance sheet by lowering feed residual and placing their carryout at 1.567 billion vs an average guess at 1.528 billion bushel.  World corn carryout was higher at 272.10 million tonnes vs 271.59 million tonnes.  Corn ran higher off the report and traded up a dime before fading back an is currently slightly lower on the day.  On the Soybean side of things the USDA raised bean yield up to 52.8 bpa vs an average guess of 52.5 bpa.  Bean carryout was put at 310 million vs an average guess of 298 million bushel.  World bean carryout was placed at 124.02 million tonnes vs average guess of 123.06 million tonnes.  Beans have traded lower all day and are currently down 28 cents.