Weekly Outlook: Major Focus on Corn and Soybean Yields, But Acreage Questions Surface

The corn and soybean markets are obviously focused on the USDA’s August 12 Crop Production report that forecast record U.S. yields and record production for both crops this year. The U.S. average corn yield is forecast at 175.1 bushels per acre, 6.7 bushels above the 2015 average and 4.1 bushels above the record average yield in 2014. Similarly, the U.S. average soybean yield is forecast at 48.9 bushels per acre, 0.9 bushel above the previous record yield of last year.