Corn Is Tanking

Corn prices were down more than 3% after the USDA unexpectedly increased its corn yield estimates.

The agency now forecasts 155.3 bu/a yield against 153.9 expected.

Futures have come back up a little bit but are still near lows.

Meanwhile, soybean futures shot back up to pre-report trading levels after the agency's yield forecasts basically came in in-line with expectations at 41.2 bu/a.

We are now a far way off from last summer's record highs of more than $8.