WASDE Confusion, Corn Stockpiles and Fall-Back Questions --- This Week in the Grain Markets

Opinion

Grain markets this week took a hard tumble as, on Wednesday, the USDA performed a dramatic leg sweep of the market with their August WASDE report. It completely blew most expectations out of the water as to where supply for the 2015/16 year sat. Instead of U.S. corn and soybean yields dropping to 164.5 and 44.7 bu/ac, respectively (like the market estimated), the USDA actually raised them to 168.8 bu/ac and 46.9 bu/ac. The last time there was a wet summer like this in America (2010), the USDA raised their corn yield by 1.5 bu/ac from July to August, then…