Some Perspective on the USDA’s August 1 Corn and Soybean Yield Projections08/15/2016
The USDA released their first survey-based estimates for US corn and soybean production earlier today. The August 1 U.S. average corn and soybean yield projections, at 175.1 and 48.9bpa, respectively, were record large and a major surprise to the market. While these are indeed “big” yields in an absolute sense, it is an open question whether these are truly “monster” yields. We provide some perspective on that issue in today’s article.