The WASDE and Crop Production Reports estimate record average yields for both corn and soybeans. Those big numbers make a bearish boom in the oversupplied markets.
The USDA reports that average U.S. corn yields are 171.7 compared to analyst estimates for average U.S. corn yields at 170.7 bushels per acre, and well above last month's USDA Report of 167.4 bushels per acre.
"Corn production is forecast at 14.4 billion bushels, up 3% from both the August forecast and from 2013. Based on conditions as of September 1, yields are expected to average 171.7 bushels per acre, up 4.3 bushels from the August forecast and 12.9 bushels above the 2013 average," according to Tuesday's Crop Production Report. "If realized, this will be the highest yield and production on record for the United States."
"Soybean production is forecast at a record 3.91 billion bushels, up 3% from August and up 19% from last year. Based on September 1 conditions, yields are expected to average a record-high 46.6 bushels per acre, up 1.2 bushels from last month and up 3.3 bushels from last year. Area for harvest in the U.S. is forecast at a record 84.1 million acres, unchanged from August but up 11% from last year."
Soybean yield estimates were expected to land at 46.3 bushels per acre vs. last month's yields of 45.4 bushels an acre.
