A grain marketer calls the projected corn yield the biggest surprise in Wednesday’s USDA crop production forecast.
Angie Setzer with Citizen’s Grain says there was consolidation around the August corn estimate ahead of the report.
“With the thought process being we’d probably see a slight reduction in yield due to the warmer, drier weather in July and August. So the yield number and subsequent increase in production was more shocking to the market than anything else.”
USDA increased its corn yield projection to what would be a record 181 bushels per acre.