The USDA shocked markets Wednesday with the release of their crop production report for August. It shows corn and soybean yield well above pre-report expectations. The USDA raised its forecast of corn production to 13 point seven billion bushels, which is up 156 million from the July projection. It also forecast soybean production at three point nine billion bushels, which is up 31 million.

Market analyst, Mike Davey, with Farmlink Marketing Solutions, says markets are never wrong, but time will tell how things work out.

"I think there's still lots of weather that needs to play out in soybeans and corn, specifically," he says. "And there's a lot of well-respected analysts in the U.S. who are sticking to their guns, and suggesting that in future reports, corn yield and bean yield will slip lower over time."

Davey says this soybean projection will have a negative impact on canola values, but canola still has a story of its own, with variable crop development ranging maturity to flowering stages.