Wednesday’s World Agricultural Supply and Demand Estimates (WASDE) report from USDA lowered corn yield estimates while bumping up acreage estimates. The bearish results held true for soybeans, too, with lower ending stocks and export forecasts. Corn yield estimates dropped to 177.5 bushels/acre, but USDA still forecasts a record corn crop at 15.32 billion bushels.

Soybean stocks dropped to 300 million bushels, with yield unchanged at 52 bushels per acre. Wheat results were also bearish, with production increasing to 1.739 billion bushels, up from 1.665 billion bushels in June. The report mainly yielded smooth and supportive results for cattle and beef markets through the remainder of the year.

Read more on the latest WASDE report here.