Market analysts eagerly awaited the August 12 World Agricultural Supply and Demand Estimates (WASDE) report; one of the key takeaways is a sizable soybean crop this year.
USDA pegged U.S. soybean production at 3.816 billion bushels, comfortably within trade estimates and well above last year's 3.2 billion bushel crop. Soybean yield is projected at 45.4 bushels per acre.
Corn brought the report's main surprise, with a yield estimate of 167.4 bushels per acre - well below the range of trade guesses, but still higher than last month's estimated 165.3 bushels.
Corn production is forecast at 14.032 billion bushels, while corn carryout for the 2014-2015 marketing year is projected at 1.808 billion bushels. On soybeans, ending stocks are 430 million bushels.
Iowa yield predictions are up significantly according to Rich Balvanz with AMS Commodities. Iowa corn is at 185 bushels per acres up from 165 in 2013. Soybeans are at 50 bushels per acre up from 44.5 in 2013.