The USDA released its August World Agricultural Supply and Demand Estimates (WASDE) report on Friday.
The report forecast record corn (178.4 bushels per acre) and soybean (51.6) yields for the U.S.
"If you look at crop sizes, the crop this year for corn in the United States is about the same as last year. Soybeans were record at a new all-time high of 4.5 billion bushels, that pretty much set the tone for the day," said Dan Basse, president of Ag Resource Company in Chicago.
He noted the report left Canada's wheat crop at 30.5 million metric tonnes.
The Russian wheat crop was raised a million metric tonnes, while world wheat stocks were down about 2 million metric tonnes.
Basse says there was no real increase in U.S. export demand.