9/12/2025

USDA report day.  Corn and beans were trading higher pre-report on thoughts of a reduction to yields.  Well....we got what we were thinking but the USDA decided to throw a twist into the mix.  The 25/26 corn yield decreased slightly less than expected by 2.1 bu to 186.7 bpa, but they gave us the largest planted acreage shift on this report in at least the last 20 years (+1.4 mil acres) spurred an increase in production to 16,814 mbu.  25/26 ending stocks were slightly lowered by 7 mbu to 2,110 mbu.  The 24/25 ending stocks were increased by 20 mbu to 1,325 mbu.  For Soybeans, they gave us a slight yield adjustment from 53.6 bushels per acre down to 53.5 bpa.  Harvested area bumped up .2 million acres to 80.3 million.  25/26 bean carryout was pegged at 300 million bushels vs 290 mbu last month and the market estimate of 298 mbu. Soybean Exports got lowered by 20 million bushels, with the USDA noting increased soybean competition, but no mention of lack of Chinese trade.  US 24/25 soybean carryout was left unchanged at 330 million bushels.  Overall, the markets shrugged this report off nicely today and finished at the highs.  Traders are still leaning towards a lower yield.