Corn and soybean prices sunk Friday after the USDA raised its production estimates for both crops.
Iowa State University extension economist Chad Hart says the trade anticipated an uptick in yield.
“But not nearly as much as they did.”
In its first survey-based forecast of the year, USDA increased the corn yield estimate to what would be a record 178.4 bushels per acre. Soybean yields are seen at 51.6 bpa.