In August, USDA pegged the soybean harvest at 4.381 billion bushels, based on a yield of 49.4 bushels per acre.
Collection hasn't yet started in Iowa but growers in IL are 2% finished with the harvest and in IN they're 1% complete, the USDA said in a report yesterday.
Soybeans per acre could decline by about 13 percent, from 55 bushels per acre a year ago to 48 bushels per acre, according to the release.
Analysts have pegged corn production at 14.035 billion bushels on yields of 168.2 bushels an acre, down slightly from the USDA's August estimate of 14.153 billion bushels and yields of 169.5 bushels, according to analysts citing industry forecasts.
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The state experienced record-setting corn and soybean yields in 2016.
November Soybean fell 9.5 cents, or 0.99%, to 9.505 bu.
The average soybean yield was forecast at 49.9 bushels an acre based on September 1 conditions, up 0.5 bushels from August but down 2.2 bushels from 2016.
Factoring in effects of hurricanes Harvey and Irma could change the picture though. "It seems like this year so far, that's been the case".
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Traders and analysts are looking for the USDA to lower its estimate for both the corn and soybean crops in today's report. Circumstances haven't lined up this year like they did in 2013 and 2014.
Indiana's corn yield is forecast at 171 bushels per acre, down 2 bushels from 2016 and from the August forecast.
Soybean yield in IN is forecast at 56 bushels per acre, down 1.5 bushels from last year's record high yield, but up 1 bushel from last month.
The harvest outlooks, issued in the government's closely watched Crop Production report, topped market forecasts for the second straight month.
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