The U.S. Department of Agriculture’s World Agricultural Supply and Demand Estimates (WASDE) monthly report contained bullish surprises for August — especially for corn. The agency aggressively lowered corn yields to 5 bushels per acre (bpa) to 174.6 which resulted in production numbers decreasing 415 million bushels to 14.75 billion. Stocks for next year’s crop marketing year decreased to 1.242 billion bushels (a 190 million bushels decrease). Wheat and soybean yields were also lowered, 1.3 bpa (44.5 bpa) for wheat, and a modest 0.8 bushels per acre (50 bpa) for soybeans. See more expert analysis on the reported figures.