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Corn yield a big surprise

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.

She tells Brownfield soybean estimates were in line with expectations.

Setzer says with harvest slowly picking up steam, the market continues to look for news on the trade front.

“It looks like we might be within an arm’s reach of getting something solved with NAFTA, which would be fantastic.  And perhaps give a push in the right direction maybe when it comes to Chinese negotiations.”

Setzer says she’s hearing many reports of farmers running yield checks and being kind of disappointed so far.