Grain traders met the U.S. Department of Agriculture’s (USDA) projections for record large U.S. corn and soybean production last week with little more than a shrug.
"As far as USDA reports go, this one was non-descript. There weren’t any shockers," said AgriVisor grain market analyst Dale Durchholz.
The Aug. 11 crop production report, which offers the first estimates based on objective data from the field, confirmed widespread expectations for high yields fueled by favorable weather across most of the Corn Belt.
"The pre-trade expectations were for both crops to reach record production levels, and on that count, the reports agreed," said Chad Hart, ISU Extension grain marketing economist. "But the production levels are slightly smaller than expected."
The USDA forecast record corn production of 14 billion bushels and said U.S. soybean production will reach a record 3.81 billion bushels.
Traders had expected corn production to be...