USDA surprised the trade by increasing its corn yield by 2.7 bushels to 181.2 bushels per acre. Corn production is forecast at just over 16 billion bushels and stocks came in at 1.8 billion, both at the high end of trade expectations. In the USDA report, soybean yields are projected at 53.1 bushels per acre, up from the pre-report estimate of 52.9 bushels. U.S. soybean production was put at 4.5 billion bushels, which is in line with trade expectations.
