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The Hightower Report said, “The market closed marginally higher, pulling back after an initial bullish reaction to the USDA report numbers. USDA cut yield to 178.5, very near the pre-report guesses and ending stocks were reduced to 1.567 billion, but the above the average guess of 1.528 but well below last month at 1.653 billion.” ADM Investor Services said, “History shows that since 1990 the USDA lowered US corn yields in Aug. and Sept (like this year) 10 times. Oddly enough final yields were above the Sept forecast in 8 of those years while lower only twice.”
