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 for 2013 against 153.9 expected.
It would be the greatest yield since 2009.
Production was also revised slightly higher, to 13.8 billion bushels. If realised it would be the most corn ever produced in the U.S.
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 $US8.