09/12/25 Bearish Crop Report, Bullish Reaction

09/12/2025 Bearish Crop Report, Bullish Reaction PLEASE REFER TO THE BROKER COMMENTARY PAGE FOR UPDATES!! Coming into the report, it was easy to wonder if analysts were unrealistic with an average estimate for corn yield that was nearly 3 bushels per acre down from August. The yield cut would be historically large, but so was the August estimate compared to recent records and the trend. What we ended up with was a healthy 2.1 bpa cut to 186.7 bpa, but again with the bigger surprise coming from acreage. Harvested corn acres were pulled higher by 1.36 million to more than offset the yield loss so that total production was raised to a new record of 16.81 billion bushels. Raised usage from ethanol and exports helped lead to a 7 million bushel reduction for corn ending stocks, to 2.11 billion bushels. Notable corn yield cuts came from Illinois being down 2 to 219, Iowa dropping 3 to 219, and Minnesota down 3 to 199 bpa. No states had their corn acres lowered from August and the biggest increases came from Minnesota’s harvested acres rising by 190,000, Illinois’ by 200,000, and Nebraska’s by 240,000. The corn acreage change looked to have been produced more…