Mike Pearson talks about the World Agriculture Supply and Demand Estimates (WASDE) report released by the USDA Friday.

The markets waited anxiously to see how the USDA would adjust the yields of corn, soybeans and wheat due to the wild weather this growing season.

Traders expected a decline in production and the report showed just that.

The report shows an expected two bushel drop in corn production and one bushel drop in soybeans.

The USDA report shows 175.1 bushels of corn per acre-- down from July and 50.9 bushels per acre of soybeans-- also down from last month.

The USDA also lowered the production and usage reports and a reduction in exports.

Farm Progress America is a daily look at key issues in agriculture. It is produced and presented by Mike Pearson, a farm broadcaster and host of This Week in Agribusiness