The USDA cut corn yields more than analysts had forecast. It said the crop will average 146 bushels an acre, down 20 bushels from its June estimate, Reuters reported.
“The surprisingly deep cut to the yield outlook shocked traders, who had expected the USDA to take a more conservative approach to adjusting its outlook,” according to the report.
The iPath Grains ETN (NYSEArca: JJG) and iPath Agriculture ETN (NYSEArca: JJA) were also down sharply in afternoon action Wednesday following an initial pop.
Teucrium Corn Fund
