The USDA released its updated WASDE report on August 11, 2023. The August WASDE is the first WASDE report that incorporates farmer surveys and satellite imagery into its yield projections. Previous reports use weather adjusted trendlines.

Crop yields were the biggest numbers to watch heading into this report. The market was expecting yields of 175.5 bushels per acre for corn and 51.2 bushels per acre for soybeans, both lower than the July estimates. Yields came slightly below average market analysts’ estimates but were still within the analysts’ range of predictions.

WASDE corn ending...