Big surprise in yield today in the USDA report with top 4 states yields declining.
Illinois fell 2 bpa
Iowa fell 2 bpa
Nebraska fell 6 bpa
Minnesota fell 2 bpa

This has corn trading higher as traders were expecting corn yields to increase, according to Jason Ward, Market Analyst, Northstar Commodity Investment Co. . Key levels to close above that would confirm fall lows are in are $3.51 in the Dec 07 corn, $3.87 in the July 08 corn, and $4.01 in the Dec 08.

More of a neutral report than corn, but nothing negative in this report. USDA chose to leave the yield unchanged from last month at 41.4 bpa. Keys to this market continue to be rain in South America, specifically Central and Northern Brazil, and the export arena.

Stocks fell to 307 million bushels in this report, this was higher than the trade estimate of 289 million bushels. Wheat is down 25-28 cents today and keeping a lid on the corn and soybean markets. This appears to be just profit taking on the wheat as there certainly wasn’t anything negative in the report today, likely just some Friday profit taking.

Big surprise in yield today in the USDA report with top 4 states yields declining.
Illinois fell 2 bpa
Iowa fell 2 bpa
Nebraska fell 6 bpa
Minnesota fell 2 bpa