The September WASDE is a major report because it marks the USDA’s first opportunity to incorporate objective yield data into its corn and soybean estimates. Today’s report focused heavily on yield projections and production figures. American Farm Bureau Economist Bernt Nelson breaks it down.
"Did USDA confirm expectations in corn? Answer to that is yes. USDA reduced the national corn yield from 180.7 to 178 and a half bushels per acre. And that brought our ending stocks down to 1.6 billion bushels," Nelson said. "That drop in yield wasn't as low as the Pro Farmer expectations of 173 bushels per acre, but it did validate expectations that August conditions had dropped yields."
He also explains what changed for soybeans.
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