As of Noon, corn down 13. Beans up 4
Corn is down 13 as trade is shocked by the increase in the corn yield from 168.2 bpa to 168.4 bpa today, trade was expecting a reduction due to deteriorating crop conditions. The USDA did trim back corn acres slightly, but not enough to offset the increase in yield, leaving production slightly lower; trade had anticipated a bigger reduction. Soybeans got a boost from the report with a bigger than expected reduction of yield to 46.9 bpa vs. 47.9 bpa last month. With the reduction of acres, it has trimmed back production more than trade was expecting, rallying the market up 9 cents.