The long awaited October Crop Production Report is out from the USDA and the crops are the biggest ever.
Soybean is now expected to be a record 4.27 billion bushels, that's up two percent from last month. Yields are also expected to be a record at 51.4 bushels an acre on 83 million acres.
Corn production is down slightly from earlier estimates at 15.1 billion bushels and yields are expected to average 173.4 bushels an acre, both would make the biggest yield and production on record.
Corn harvest area is at 86.8 million acres.
Market Analyst Dan Hueber with the Hueber report says they were expecting the large crop, "The domestic numbers were pretty much right in line with the expectations. And I guess, in all cases, I don't want to say lean friendly, but ending stocks, if we use that as a final barometer, ending stocks are a little bit lighter than anticipated wheat, corn and beans so all three. Which makes that, I guess you could say, lean to the positive side, certainly not negative even though we're looking at record yields in corn, record yields in soybeans. And certainly plenty of inventory around for all three."