The August WASDE report came out today, showing higher yield projections for both corn and soybeans. Soybeans are hopeful that the trade extension with China will bring benefits. In the cattle market, boxed beef prices reaffirm strong consumer demand, pushing cattle solidly into the green on the market screen.
The season’s first survey-based yield forecasts are calling for a monster U.S. corn crop and a slightly higher U.S. soybean crop to be harvested this fall.
On Tuesday’s August World Agricultural Supply and Demand Estimates Report, USDA projects a national average corn yield at a record 188.8 bushels per acre (bpa) with 2025/26 corn production forecasted at a record 16.7 billion bushels, up 1.0 billion from last month with a 1.9-million acre increase in harvested area and higher yield. If realized, this total would be 1.4 billion bushels more than the prior record set in 2023/24. The yield estimate for corn was just over four bushels higher than the average trade guess.
For soybeans, USDA is projecting a national average yield estimate of 53.6 bpa. That is up 1.1 bushels from last month. Soybean production for 2025/26 is forecast at 4.3 billion bushels, down 43 million on a lower area partly offset by a higher yield. Harvested area is forecast at 80.1 million acres, down 2.4 million from July. The yield estimate was slightly above the average trade guess.
Mike Zuzolo with Global Commodity Analytics has today’s Market Wrap Up…
