Ideal weather this fall across the U.S. Midwest is pushing the corn and soybean harvest along at a near record pace in many areas. Harvest for both crops was nearing the half way mark by October 5, with reports of strong corn yields continuing to filter into the Chicago Board of Trade markets — anywhere from 5 to 20 bushels an acre more than expected.Soybean yields were looking more variable — some fantastic at 50 to 60 bushels per acre but others looking more “iffy” in the southern Midwest, where it was dry late in the summer.

CBOT traders await the government’s next word on U.S. corn and soybean crop projections due out on Friday, October 12.

There has been a general trend among grain analysts to bump up their forecasts for corn, already estimated by the U.S. Agriculture Department at a record 13.308 billion bushels, reflecting an average yield of 155.8 bpa.

“Big crops get bigger,” is an age-old CBOT saying.

The big crop is the result of U.S. farmers planting the most corn acres in 63 years, enticed by a 10-year high in CBOT corn prices above $4 a bushel over the winter.

But on soybeans, opinions are mixed about whether USDA will raise or lower its current forecast of 2.619 billion bushels, with a yield of 41.4 bpa.

Memphis-based Informa Economics (nee Sparks), long seen as “smart money” when it comes to U.S. crop estimates, on Friday upped its forecast for corn production to 13.506 billion bushels, with an average yield of 158.1 bpa. But Informa cut its soybean production estimate from last month to 2.647 billion bushels, reflecting an average yield of 42.1 bpa.

In September, Informa had pegged corn at 13.323 billion bushels (156 bpa) and soybeans 2.664 billion bushels (42.1).

Another widely watched forecaster, FC Stone of Des Moines, Iowa, expects the corn crop at 13.445 billion bushels (157.4 bpa) and soybeans at 2.722 billion bushels (43 bpa).

In September FC Stone had pegged corn at 13.062 billion bushels (152.9 bpa) and soybeans at 2.682 billion bushels (42.4 bpa).