Corn futures drop as yield estimates hit record high

U.S. Department of Agriculture map shows estimated bushels of corn per acre in the Corn Belt, with 300 in purple

Citing ample rain, the U.S. Department of Agriculture increased its national average yield estimate for corn to a record high of 181.3 bushels per acre. "Because the market had been expecting a smaller number and not a larger one, prices dropped by double digits following the report, and December corn futures came within 1/2 cent of the life-of-contract low set back in July," Alan Brugler reports for DTN/The Progressive Farmer.