USDA raised its soybean yield estimate to a whopping 50.6 bushels per acre and lowered its corn yield estimate to 174.4 bushels per acre in Monday's World Agricultural Supply and Demand Estimates report.
In early trading, soybeans took the biggest tumble in reaction to the report.
"The trade was worried about coming in with a number bigger than 50 [bu. per acre for soybeans]," notes Randy Martinson with Martinson Ag Risk Management.
And while USDA revised corn yield estimates down slightly from August, Martinson says he is unsure that trend will continue throughout the fall.
"My gut tells me we'll see the yield increase yet as we move into the October reports," he says.
Here are some key numbers from Monday's report:
Corn yield of 174.4 bushels per acre, which is more than the average trade guess of 173.4 bushels per acre.
Corn production of 15.093 billion bushels, which is greater than the average trade guess of 14.951 billion bushels.
New corn ending stocks of 2.384 billion bushels, which is above the trade estimate of 2.329 billion bushels, and the highest since 1987/88.
Old crop corn ending stocks of 1.706 billion bushels.
Soybean yield of 50.6 bushels per acre, which is more than the average trade guess of 49.2 bushels per acre.
Soybean production of 4.201 billion bushels, which is greater than the average trade guess of 4.096 billion bushels.
New soybean ending stocks of 365 million bushels, which is more than the average trade guess of 330 million bushels.
Wheat yield unchanged of 52.6 bushels per acre, and wheat production of 2.321 billion bushels .
New wheat ending stocks of 1.100 billion bushels, which is less than the average trade guess of 1.115 billion bushels.
Data visualizations by Abhinav Kini and Christopher Walljasper.