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Will South Dakota's corn for grain yield per harvested acre for 2026 be above 170 bu/acre?

kalshiEconomics·2026-10-17·view on kalshi ↗
3%
Agent
10%
Market Price
-7.0%
Edge
82%
Confidence
57,084
Volume
3.0c
Spread
106
Days to resolution
12
Markets in event
final rationale
Mean of 2 draws (0.03, 0.03). (0) The question is not resolved. The final 2026 figure comes in the NASS Crop Production Annual Summary, normally released around mid-January 2027, before the Jan 31 close. The latest NASS forecast (Oct 9) puts South Dakota at 151 bu/acre, confirmed by Brownfield, Pro Farmer and RRFN. That is up 6 from September's 145 and 19+ bu below the strike, which needs 171 or more since NASS reports whole bushels. (a) About 3.5 months remain. The Nov 10 and Dec forecasts come first, then the January final. (b) Status quo: South Dakota forecast-to-final drift is typically a few bushels (2024: Oct 163, Nov 166, final 164). The November forecast's RMSE is about 1–2%, roughly ±3–4 bu. That points to a final in the 148–158 range, so NO. (c) NO scenario: the drought and the July heat during pollination cap yields. About 62–69% of the state was in drought and condition ratings were only about 35% good/excellent. Harvest anecdotes run 140–150 and DTN's optimistic model was 159.9, so the final lands in the 150s. (d) YES scenario: USDA keeps finding ear weight from the September rains and makes another unprecedented revision of roughly +20 bu across November and January. No source projects even 160+ after October. The Kalshi market sits at about 9–10% (bid 6, ask 9). Given how far outside historical revision ranges a +20 move would be and that 170+ has only happened in the 2025 record year, I price below the market at about 3%.
price vs. prediction
market price agent forecast at t+0
1 follow-up
1. Planner Opus 5.5 · picks the research tools
Tools chosen: kalshi_direct kalshi_related resolution_source article_search polymarket_related
Planner reasoning
The Kalshi price is the anchor, and the related KXSDCORNYIELD strikes plus the national corn yield markets add cross-market signal. The key fact is the USDA NASS Crop Production report for October 2026 (or September if October is delayed), which gives the current South Dakota yield forecast. Final estimates usually land close to it, so article_search targets that specific figure.
2. Research parallel tool calls + 4 web research loops (Sonnet 5.5) · read raw by the forecasters
at a glance
RESEARCH DIGEST (built in code: tool summaries and each report's bottom line; the forecasters read the full tool outputs and reports) Tools - kalshi_direct: ## This Market's Kalshi Data **Above 170 bu/acre** (KXSDCORNYIELD-27JAN31-T170) - Current price (probability): 10.00% (live; bid 6% / ask 9%) - Last daily close (2026-10-17): 9.00% - 7-day price change: +5.00% - 30-day price change: +4.00% - Average daily volume: 3589 contracts - Price range: 5.00% - 13.00% - Data points: 15 days - resolution_source: already_resolved=unclear; matches_criteria=False; last_updated=2026-10-09. No final 2026 estimate exists yet. That figure will come in the Crop Production Annual Summary, normally released in January 2027. NASS's latest forecast, in the October 9, 2026 Crop Production report, puts South Dakota's 2026 corn-for-grain yield at 151 bu/acre. That is up 6 from the September forecast of 145 and the same - kalshi_related: 0 related markets / summaries. series KXSDCORNYIELD: 0 markets (skipped 12 no-signal) | series KXCORNYIELD: 0 markets (skipped 0 no-signal) | keyword 'corn yield': no matches - article_search: Fetched 14 unique articles across 2 queries (lookback=45d). 'USDA October 2026 Crop Production South Dakota corn yield forecast bushels per acre': 8 articles | 'South Dakota corn yield 2026 NASS forecast': 8 articles - polymarket_related: Polymarket search over 1 keyword(s), kept 0 matches. keyword 'corn yield': 0 markets Research loops, bottom lines - current state: The last South Dakota forecast I could read (Sept 1) was 145 bu/acre, about 25 below the 170 threshold. Drought was widespread and ratings were poor, so a final figure above 170 would need a very large upward revision. Early harvest reports are only "better than expected" at around 140–150 bu/acre. The national yield was raised in October, so the South Dakota October number is the key missing fact. - base rate: USDA's latest SD forecast (151, Oct 9) is about 19 bu below the 170 strike. 170 or higher has historically been reached only in the record year 2025, and forecast-to-final revisions are typically within a few bushels. The outside view strongly favors NO. - yes case: The best YES case rests on USDA's recent upward surprises in the western Corn Belt and the ear-weight mechanism. None of that evidence points to a 20 bu gap closing from 151, which is roughly 5 times the typical Oct/Nov-to-final error. The YES case therefore looks weak. - no case: Resolution needs a roughly +20 bu move from USDA's 151 forecast. Past South Dakota forecast-to-final revisions were only a few bushels, and every source (DTN, harvest anecdotes, objective yield) points below 160. The timing works against neither side, so NO is the status-quo outcome.
tools
toolstatustimeitemssummary
kalshi_direct OK 0.3s 1 ## This Market's Kalshi Data **Above 170 bu/acre** (KXSDCORNYIELD-27JAN31-T170) - Current price (probability): 10.00% (live; bid 6% / ask 9%) - Last daily close (2026-10-17): 9.00% - 7-day price change: +5.00% - 30-day price change: +4.00% - Average daily volume: 3589 contracts - Price range: 5.00%
kalshi_related OK 0.9s 0 0 related markets / summaries. series KXSDCORNYIELD: 0 markets (skipped 12 no-signal) | series KXCORNYIELD: 0 markets (skipped 0 no-signal) | keyword 'corn yield': no matches
resolution_source OK 12.8s 1 already_resolved=unclear; matches_criteria=False; last_updated=2026-10-09. No final 2026 estimate exists yet. That figure will come in the Crop Production Annual Summary, normally released in January 2027. NASS's latest forecast, in the October 9, 2026 Crop Production report, puts South Dakota's 202
article_search OK 0.9s 14 Fetched 14 unique articles across 2 queries (lookback=45d). 'USDA October 2026 Crop Production South Dakota corn yield forecast bushels per acre': 8 articles | 'South Dakota corn yield 2026 NASS forecast': 8 articles
polymarket_related OK 1.1s 0 Polymarket search over 1 keyword(s), kept 0 matches. keyword 'corn yield': 0 markets
research loops · 4/4 ok · 17 searches · 3 page reads
dimensionstatustimesearchespage readsreport
current state OK 43s 5 1 4137 chars
base rate OK 18s 4 0 3662 chars
yes case OK 32s 4 2 4977 chars
no case OK 21s 4 0 4840 chars
report: current state
- [2026-10-09] USDA's October Crop Production report raised the national corn yield forecast to 181.2 bu/acre, up from 178.5 in September. Analysts had expected about 177.7. I could not retrieve the South Dakota line from the October report. https://www.farmprogress.com/marketing/usda-yield-shocker-sends-corn-sinking-to-eight-week-low - [2026-09-11] The September NASS Crop Production report forecast South Dakota corn for grain at 145 bu/acre. That is down from 151 in August and 171 in 2025. Harvested area is 5.84M acres (6.35M in 2025), and production is 846.8M bu. https://esmis.nal.usda.gov/sites/default/release-files/796056/crop0926.pdf (the Brownfield summary confirms the same numbers: https://www.brownfieldagnews.com/news/usda-2026-corn-soybean-estimates-shift-on-yield-changes/) - [2026-08-12] The August NASS forecast for South Dakota corn was 151 bu/acre, 20 below 2025's 171. https://www.agweb.com/news/dry-fields-stifle-south-dakota-corn-yields-while-ohio-battles-excess-water - [2026-10-13] Crop Progress for the week ending Oct 11 shows South Dakota corn harvest at 59%, and corn mature at 95%. The 2021–25 average figures were not cleanly legible in the table. https://www.nass.usda.gov/Publications/Todays_Reports/reports/prog4126.pdf - [2026-10-05] South Dakota corn harvest was about 47% as of Oct 4 (reading of the table). A Mitchell Republic article from the same period says about 16% was out of the field, which is a different measure. https://esmis.nal.usda.gov/sites/default/release-files/796095/prog4026.pdf - [~2026-10-08] Mitchell Republic: early harvest is "better than expected." One eastern Hutchinson County farmer reported 140–150 bu/acre. About 62% of the state was in at least D1 drought, and 2026 is expected to be down from 2025. https://www.mitchellrepublic.com/news/local/as-harvest-gets-underway-those-early-into-the-field-seeing-better-than-expected-yields - [2026-09-28] Crop condition ratings for South Dakota in the table are weak. The corn rating appears to be about 37% good/excellent, with roughly 31% very poor/poor. On Sept 14, 36% of corn was rated good to excellent. https://esmis.nal.usda.gov/sites/default/release-files/796082/prog3926.pdf and https://www.newsbreak.com/news/4891560668698-south-dakota-corn-yields-forecasted-to-drop-26-bushels-per-acre-in-2026 - [2026-09-10] Drought Monitor: about 69% of South Dakota was in D1–D3 drought (38.8% D1, 22.7% D2, 7.4% D3). https://www.newsbreak.com/news/4891560668698-south-dakota-corn-yields-forecasted-to-drop-26-bushels-per-acre-in-2026 - [2026-08-12] The DTN Digital Yield Tour estimated South Dakota corn at 159.9 bu/acre, against 169.2 in 2025. https://www.dtnpf.com/agriculture/web/ag/crops/article/2026/08/12/south-dakota-farmers-expect-average-3 - [2026-08-17] Pro Farmer tour scouts in South Dakota reported drought-stressed corn with barren stalks and tip-back. Some early stops calculated 189 and 194 bu/acre, and results fell later in the day. https://www.agweb.com/news/dry-fields-stifle-south-dakota-corn-yields-while-ohio-battles-excess-water - [2026-01 (reference)] The 2025 final South Dakota corn yield was 171 bu/acre. The final 2026 figure will come in the NASS Crop Production Annual Summary, due in January 2027, within the market window. https://www.nass.usda.gov/Publications/Todays_Reports/reports/crop0926.pdf - [Upcoming] The November Crop Production report (Nov 1 conditions) is the last forecast before the final estimate. I did not confirm its release date. BOTTOM LINE: The last South Dakota forecast I could read (Sept 1) was 145 bu/acre, about 25 below the 170 threshold. Drought was widespread and ratings were poor, so a final figure above 170 would need a very large upward revision. Early harvest reports are only "better than expected" at around 140–150 bu/acre. The national yield was raised in October, so the South Dakota October number is the key missing fact. NOT FOUND: The South Dakota corn yield in the Oct 9, 2026 Crop Production report, and the Nov 2026 report date. The crop1026 PDF URL returned 404, and the other pages I could reach did not show the South Dakota October line.
report: base rate
- [2026-10-09] USDA's October Crop Production forecasts South Dakota 2026 corn for grain at 151 bu/acre. That is up 6 from September's 145 and well below 2025's 171. Harvested area is 5.84M acres and production 881.84M bu. https://brownfieldagnews.com/news/usda-surprises-with-corn-crop-guess-also-ups-soybeans/ (Pro Farmer confirms the +6 to 151: https://www.profarmer.com/news/report-reaction-corn-leads-slide-after-usda-production-figures-surprise-upside). The rrfn.com report on the same change returned 403 when fetched. - [2026-09-11] The September forecast was 145 bu/acre on 5.84M harvested acres. The August forecast was 151, per the "compared to 151 a month ago" in the September coverage. https://www.nass.usda.gov/Publications/Todays_Reports/reports/crop0926.pdf - [2026-10-09] The U.S. corn yield forecast is 181.2 bu/acre, up from 178.5 in September. Analysts had expected about 177.7. https://www.farmprogress.com/marketing/usda-yield-shocker-sends-corn-sinking-to-eight-week-low - [2026-10-07] Early SD harvest reports: an eastern Hutchinson County farmer reported 140–150 bu/acre corn, "better than what I thought it would be." About 62% of the state was in D1 or worse drought. https://www.mitchellrepublic.com/news/local/as-harvest-gets-underway-those-early-into-the-field-seeing-better-than-expected-yields - [2026-10-05] Crop Progress: SD corn was 78% mature and 16% harvested as of Oct 4. Condition was 12% very poor, 19% poor, 34% fair, 32% good and 3% excellent, which is roughly 35% good/excellent. https://esmis.nal.usda.gov/sites/default/release-files/796095/prog4026.pdf - [2026-08-12] The DTN Digital Yield Tour estimated SD corn at 159.9 bu/acre, against 169.2 for 2025. https://www.dtnpf.com/agriculture/web/ag/crops/article/2026/08/12/south-dakota-farmers-expect-average-3 - [2026-01 and 2025-01] Recent final SD corn yields were 152 in 2023, 164 in 2024 (record at that time) and 171 in 2025 (all-time record). The 2022 yield was 132. Sources: https://www.nass.usda.gov/Statistics_by_State/South_Dakota/Publications/Crop_Releases/Annual_Summary/2025/SD-cropsum2501.pdf and https://extension.sdstate.edu/statewide-corn-production-and-county-level-yield-variation-south-dakota - Base rate: 170 or higher has been reached only once, in 2025, and that is the all-time record. Based on the figures above, no earlier SD final yield was above 164. Above 170 is therefore a record-level outcome. Any year before 2022 would need checking against the NASS series, which I did not fetch. - Forecast-to-final drift: in 2024 the Oct forecast was 163, the Nov forecast was 166 and the final was 164. The 2024 Aug forecast was 162. Oct-to-final moves of a few bushels are typical. A rise from 151 to above 170 (+19) would be far outside that range. Source: https://esmis.nal.usda.gov/sites/default/release-files/tm70mv177/bz60fp33t/d791v920m/crop1124.pdf - Timing: the Nov 10, 2026 Crop Production report is next. The final figure appears in the Crop Production Annual Summary, normally released in January. The 2024 summary came out on 2025-01-10. https://www.nass.usda.gov/Statistics_by_State/South_Dakota/Publications/Crop_Releases/Annual_Summary/2025/SD-cropsum2501.pdf BOTTOM LINE: USDA's latest SD forecast (151, Oct 9) is about 19 bu below the 170 strike. 170 or higher has historically been reached only in the record year 2025, and forecast-to-final revisions are typically within a few bushels. The outside view strongly favors NO. NOT FOUND: Other venues' markets and sibling Kalshi strikes (deliberately not searched). SD final corn yields before 2022 (not fetched). Any analyst forecast above 160 for SD after the October report.
report: yes case
YES means: USDA NASS's first Crop Production Annual Summary with the final 2026 estimate (expected January 2027) shows South Dakota corn for grain yield above 170 bu/acre. That is 171 or higher, since NASS reports whole bushels. This is the strongest case I can build for YES. The evidence behind it is thin. - [2026-10-09] The USDA Oct 9 report put South Dakota at 151, up 6 from September. Ag Bull's account calls the national increase "broad and heavily western" (Nebraska +11, South Dakota +6, Kansas +4). So the western Corn Belt revision direction is upward. Even so, 151 sits about 20 bu below the strike. https://www.agbull.com/usda-finds-corn-nobody-else-could-october-yield-jump-blindsides-most-of-the-trade/ - [2026-10-09] Mechanism for a further upside surprise: NASS objective-yield data showed the October gain came from ear weight, not ear count. The 10-state ear count was flat (28,600 vs 28,650) while objective yield rose. Only 60% of lab samples were mature, so later samples could still add weight. https://www.agbull.com/usda-finds-corn-nobody-else-could-october-yield-jump-blindsides-most-of-the-trade/ - [2026-10-09] Weather mechanism: September had heavy rain in the western Corn Belt (Des Moines second-wettest September on record, Lincoln wettest). That moisture "filled kernels" on a crop analysts had written off. The source names Iowa and Nebraska, not South Dakota, so the effect on South Dakota is not confirmed. https://www.agbull.com/usda-finds-corn-nobody-else-could-october-yield-jump-blindsides-most-of-the-trade/ - [2026-10-09] Trade models were wrong on the October report. Individual national guesses ran 173.2–182.1, and USDA's 181.2 sat at the top of that range. The report also had the largest October national increase since 2004. Condition-based models underestimated yield, which fits a USDA pattern of finding more corn than ratings imply. https://www.agbull.com/usda-finds-corn-nobody-else-could-october-yield-jump-blindsides-most-of-the-trade/ - [2025-11-14] Precedent for South Dakota beating its ratings: in 2025 the November forecast was 173, and the final was 171 (record). The November report showed an October-to-November South Dakota ear-count and ear-weight pattern (ears per acre 24,500 in September, October and November). Ratings that year were far better, so this is not a like-for-like year. https://esmis.nal.usda.gov/sites/default/release-files/795644/crop1125.pdf - [2025-11-14] The 2025 Crop Production report states that the November 1 forecast has a 20-year root mean square error of 1.3% for national corn production (90% interval ±2.2%). Applied crudely to 151, that is about ±3–4 bu. This is the main weakness of the YES case: a normal forecast-to-final miss is nowhere near 20 bu. https://esmis.nal.usda.gov/sites/default/release-files/795644/crop1125.pdf - [2026-10-09] The November 1 survey (sampled late Oct to early Nov, with far more harvested fields; Ag Bull says only 23% of national corn was harvested by Oct 4) is the next chance for a revision. Ag Bull frames the question as whether western Corn Belt rains add still more. https://www.agbull.com/usda-finds-corn-nobody-else-could-october-yield-jump-blindsides-most-of-the-trade/ - [2026-08-12] The DTN Digital Yield Tour put Moody County, in eastern South Dakota, at 208.8 bu/acre. DTN's statewide estimate of 159.9 was also above USDA's later forecasts. So pockets of 200+ exist, and a yield-weighted mix shifted toward the eastern, better-watered acres could lift the average. Western counties are the drag (Jackson County 43.9). https://www.dtnpf.com/agriculture/web/ag/crops/article/2026/08/12/south-dakota-farmers-expect-average-3 - [2026-10-07] Early harvest anecdotes (Hutchinson County, 140–150 bu/acre, "better than what I thought") and farmers calling soybeans above expectations suggest the survey bias is toward under-forecasting. The Mitchell Republic piece reports no yields at or above 170. https://www.mitchellrepublic.com/news/local/as-harvest-gets-underway-those-early-into-the-field-seeing-better-than-expected-yields Single most likely path to YES: the Nov 10 report and the January final both revise South Dakota up by roughly 20 bu in total. That would take a repeat of the September-rain ear-weight surge, on top of the +6 already taken. It would also need harvested-area and yield data from the early-harvested eastern fields to dominate the average. Each step has to happen, and no source I found projects it. BOTTOM LINE: The best YES case rests on USDA's recent upward surprises in the western Corn Belt and the ear-weight mechanism. None of that evidence points to a 20 bu gap closing from 151, which is roughly 5 times the typical Oct/Nov-to-final error. The YES case therefore looks weak. NOT FOUND: Any 2026 source projecting South Dakota above 160 after the October report. The South Dakota ear count and ear weight figures from the October 2026 report. The Nov 2026 South Dakota forecast (not yet released).
report: no case
YES means: NASS's first Crop Production Annual Summary with the final 2026 estimate (expected January 2027) shows South Dakota corn for grain at 171 bu/acre or higher. The yield must be above 170 bu/acre, harvested-acre basis. Later revisions do not count. - [2026-10-16] The NASS release calendar lists the next monthly Crop Production reports for Nov 10 and Dec 10, 2026. The Jan 12, 2026 Annual Summary was the last annual release. The final figure should therefore arrive before the Jan 31, 2027 close, so there is no timing escape and the question rests on the number alone. https://esmis.nal.usda.gov/publication/crop-production - [2026-10-09] A seed-company agronomist covering northern South Dakota and central North Dakota said record July heat hit during flowering. He described a limited-irrigation corn-on-corn field that made 270 bu last year and "was not going to reach 200" this year. He blamed pollination problems and compaction. Heat at pollination is a yield loss that later harvest weather cannot reverse. https://www.americanagnetwork.com/2026/10/09/harvest-takeaways-after-a-hot-uneven-season-in-the-northern-plains/ - [2026-09-01] A Peterson Farms Seed manager said yield potential varies widely. Northeast South Dakota had decent rain, but moisture limited yields further west. The West drags the statewide average down. This supports a heterogeneous outcome, not a record. https://www.brownfieldagnews.com/news/corn-yield-potential-varies-widely-across-the-northern-plains/ - [2026-09-11] The September objective-yield data (ear counts and plant populations) was the first with an objective component, and the national yield was cut. South Dakota's objective-yield survey tables appear in the same report. The 145 forecast therefore rested on field counts, not only farmer surveys. https://www.ers.usda.gov/media/29642/fds-26i.pdf?v=93820 - [2026-09-15] USDA's ERS Feed Outlook said South Dakota was the only state where harvested area was not cut in September. Harvested area held at 5.84M acres, so the yield forecast is not being propped up by abandoned acres. Harvested-acre yield will not rise through shrinking the denominator. https://www.ers.usda.gov/media/29642/fds-26i.pdf?v=93820 - [2026-10-09] RRFN confirms the October South Dakota estimate of 151 was a +6 move. It called this a "dramatic change". Reaching 171 requires a further +20 after a month in which +6 was already seen as unusually large. The same article says the soybean state figures were unchanged. https://www.rrfn.com/2026/10/09/usda-bumps-corn-yield-in-sd-and-nd/ - [2025-01 / 2024-08 reference] Past South Dakota forecast-to-final drift is small. The Aug 2024 forecast was 162 and the final was 164, a +2 move. A 2024 crop that was also forecast as a "record high if realized" still finished only 164. https://data.nass.usda.gov/Statistics_by_State/South_Dakota/Publications/Crop_Releases/Crop_Production/2024/SD-croppr2408.pdf and https://www.nass.usda.gov/Statistics_by_State/South_Dakota/Publications/Crop_Releases/Annual_Summary/2025/SD-cropsum2501.pdf - [2024-02 reference] The record before 2024 was 162 bu in 2020. 2021 and 2022 were drought years at about 135 bu. The 2026 drought resembles those years in kind, though the 2021 and 2022 yields were lower than the 151 forecast. https://greensolutiongroups.com/focus-on-ag-february-26-2024/ and https://www.minnstarbank.com/2023/03/06/solid-2022-crop-yields-in-the-upper-midwest/ - [2026-08-10] DTN's Aug 1 yield model, which was the most optimistic published source, had South Dakota at 159.9. That is still 10 bu below 170. DTN itself called this estimate possibly "optimistic" unless August rain limited drought damage. It did not. https://www.dtnpf.com/agriculture/web/ag/crops/article/2026/08/12/south-dakota-farmers-expect-average-3 - [2026-10-07] The "better than expected" anecdote is an eastern Hutchinson County farmer reporting 140–150 bu. That is below the 151 forecast and 20+ below the strike. https://www.mitchellrepublic.com/news/local/as-harvest-gets-underway-those-early-into-the-field-seeing-better-than-expected-yields - [2026-10-16] I found no public analyst or USDA source projecting South Dakota above 160 after the October report, and no reports of a late-season yield rebound. BOTTOM LINE: Resolution needs a roughly +20 bu move from USDA's 151 forecast. Past South Dakota forecast-to-final revisions were only a few bushels, and every source (DTN, harvest anecdotes, objective yield) points below 160. The timing works against neither side, so NO is the status-quo outcome. NOT FOUND: The South Dakota October objective-yield numbers or the NASS state release text for October, and any South Dakota-specific harvest yield survey beyond anecdotes. I also found no historical record of a +15 or greater October-to-final revision for South Dakota corn.
3. Forecasters 2 draws · Opus 5.5 + GPT · plain mean
claude-opus-5-5 · high effort
82% conf
Yes 3%
No 97%
(0) The question is not resolved. The final 2026 figure comes in the NASS Crop Production Annual Summary, normally released around mid-January 2027, before the Jan 31 close. The latest NASS forecast (Oct 9) puts South Dakota at 151 bu/acre, confirmed by Brownfield, Pro Farmer and RRFN. That is up 6 from September's 145 and 19+ bu below the strike, which needs 171 or more since NASS reports whole bushels. (a) About 3.5 months remain. The Nov 10 and Dec forecasts come first, then the January final. (b) Status quo: South Dakota forecast-to-final drift is typically a few bushels (2024: Oct 163, Nov 166, final 164). The November forecast's RMSE is about 1–2%, roughly ±3–4 bu. That points to a final in the 148–158 range, so NO. (c) NO scenario: the drought and the July heat during pollination cap yields. About 62–69% of the state was in drought and condition ratings were only about 35% good/excellent. Harvest anecdotes run 140–150 and DTN's optimistic model was 159.9, so the final lands in the 150s. (d) YES scenario: USDA keeps finding ear weight from the September rains and makes another unprecedented revision of roughly +20 bu across November and January. No source projects even 160+ after October. The Kalshi market sits at about 9–10% (bid 6, ask 9). Given how far outside historical revision ranges a +20 move would be and that 170+ has only happened in the 2025 record year, I price below the market at about 3%.
claude-opus-5-5 · high effort
82% conf
Yes 3%
No 97%
(0) Not resolved yet. NASS's Oct 9, 2026 forecast for South Dakota corn is 151 bu/acre (Brownfield and Pro Farmer confirm it, +6 from September's 145), versus the >170 strike. The final comes in the January 2027 Annual Summary. (a) About 3.5 months remain: the Nov 10 and Dec 10 reports, then the January final, all before the Jan 31 close. (b) Status quo is a final near 151, plus or minus a few bushels, so NO. Past South Dakota drift from forecast to final is small (2024: 163 Oct, 166 Nov, 164 final; 2025: 173 Nov, 171 final), and NASS reports a November-to-final miss of roughly 1–2%. (c) NO: July heat during pollination, drought over 62–69% of the state, about 35% good/excellent ratings and harvest anecdotes of 140–150 keep the final around 148–158. (d) YES: a further western Corn Belt ear-weight surge from September rains would have to push revisions up another ~20 bu. That is roughly 5x a normal late-season revision, and no source projects South Dakota above 160 after October. The market at 9–10% likely reflects the national October surprise. Historically, 170+ has occurred only in the 2025 record year, and an October-to-final jump of ~20 bu has no precedent I could find. I price YES well below the market.
4. Final plain mean of 2 draws
3% (82% confidence)
Yes: 3% No: 97%
Mean of 2 draws (0.03, 0.03). (0) The question is not resolved. The final 2026 figure comes in the NASS Crop Production Annual Summary, normally released around mid-January 2027, before the Jan 31 close. The latest NASS forecast (Oct 9) puts South Dakota at 151 bu/acre, confirmed by Brownfield, Pro Farmer and RRFN. That is up 6 from September's 145 and 19+ bu below the strike, which needs 171 or more since NASS reports whole bushels. (a) About 3.5 months remain. The Nov 10 and Dec forecasts come first, then the January final. (b) Status quo: South Dakota forecast-to-final drift is typically a few bushels (2024: Oct 163, Nov 166, final 164). The November forecast's RMSE is about 1–2%, roughly ±3–4 bu. That points to a final in the 148–158 range, so NO. (c) NO scenario: the drought and the July heat during pollination cap yields. About 62–69% of the state was in drought and condition ratings were only about 35% good/excellent. Harvest anecdotes run 140–150 and DTN's optimistic model was 159.9, so the final lands in the 150s. (d) YES scenario: USDA keeps finding ear weight from the September rains and makes another unprecedented revision of roughly +20 bu across November and January. No source projects even 160+ after October. The Kalshi market sits at about 9–10% (bid 6, ask 9). Given how far outside historical revision ranges a +20 move would be and that 170+ has only happened in the 2025 record year, I price below the market at about 3%.
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