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Will Indiana’s corn for grain yield per harvested acre in 2027 be above 205 bu/acre?
32%
Agent
52%
Market Price
-20.5%
Edge
50%
Confidence
10,939
Volume
2.0c
Spread
470
Days to resolution
1
Markets in event
final rationale
Mean of 2 draws (0.30, 0.33) after one crux research pass. (0) Not resolved: the 2027 crop is not planted, the first NASS forecast comes around August 2027 and the final in the January 2028 Annual Summary; Yes needs 206+ since the rule is strictly above 205. (a) About 15 months remain until the January 2028 final, before the 2028-01-31 close. (b) Status quo is No: Indiana has never exceeded 204 (2025 record); recent values are 195, 190, 203, 198, 204 and 200 (2026 October forecast), and the 2027 trend is likely about 198-202. (c) No: a typical season loses yield late, as in 2024 (August 207, final 198), 2025 (205 forecast, 204 final) and 2026 (206 to 200); an El Niño-to-La Niña drought risk or heavier corn-on-corn keeps the yield near 195-202. (d) Yes: a near-ideal 2027 season with timely rain and a benign August, possibly helped by a cool, wet El Niño summer, plus genetic gains gives 206-212. A normal distribution centered near 200 with an SD of 8-10 and a fat left tail gives about 22-30%. The Kalshi market at 52% (mid about 48%) looks rich relative to this base rate, so I shade down to 0.30 rather than to the bare base rate, allowing for trend uncertainty.
1. Planner Opus 5.5 · picks the research tools
Tools chosen:
kalshi_direct
resolution_source
kalshi_related
article_search
Planner reasoning
This is a long-horizon question on Indiana's 2027 corn yield, which hasn't been planted yet. The Kalshi price is the anchor, and the resolution source is USDA NASS Quick Stats. The useful structured inputs are the historical Indiana yield series, to get a base rate for exceeding 205 bu/acre (recent years: 2023 about 203, 2024 about 198), and the related Kalshi strike ladder for the same event.
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 205 bu/acre** (KXINCORNYIELD-28JAN31-T205) - Current price (probability): 52.00% (live; bid 47% / ask 49%) - 7-day price change: -4.00% - 30-day price change: -4.00% - Average daily volume: 1823 contracts - Price range: 52.00% - 59.00% - Data points: 6 days
- resolution_source: already_resolved=unclear; matches_criteria=True; last_updated=2025 overview page: Quick Stats data as of Oct 17, 2026. October 2026 Crop Production report: released Oct 9, 2026.. NASS has published nothing on Indiana's 2027 corn-for-grain yield, because the 2027 crop has not been planted yet. The figures that bear on the question: NASS's 2026 State Agriculture Overview for Indiana shows Corn, Grai
- kalshi_related: 0 related markets / summaries. series KXINCORNYIELD: 0 markets (skipped 1 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=365d). 'Indiana corn yield 2026 USDA NASS bushels per acre final estimate': 8 articles | 'Indiana corn yield history record 2024 2025': 8 articles
Research loops, bottom lines
- current state: No 2027 data exists yet. The threshold of 205 is above Indiana's record of 204 (2025) and above the current 2026 forecast of 200. The resolution source shows no yield above 205 in any year found. Exceeding it would require a new record, and the 2026 crop's final figure (January 2027) will be the next trend marker.
- base rate: Indiana has never reported a yield above 204. Only about one year in five has been above 200, and 2023 was the only one at 203 or higher before 2025. Beating 205 in 2027 needs a new record on top of a normal trend of roughly 195 to 200. By the base rate this is an unlikely event, though trend growth and good-weather years make it possible.
- yes case: The most likely YES path is a 2027 season with timely June–July rain, no late-summer dryness and no early disease. Under that path, USDA records yield of 206 or more, one bushel above the ratchet of recent records (203, 204 and a 206 forecast in August 2026). Genetics and county ceilings support that, but it needs good weather in a year when 2025 and 2026 each lost bushels late in the season.
- no case: Exceeding 205 requires a record yield above 2025's 204. No year has done that, and every record year has been followed by a lower or flat figure. With a trend near 195, a fragile 2026 crop (200 after the August 206 forecast), a late-2026 El Niño likely fading into a possible La Niña in 2027, and big corn acreage, NO is the status quo.
Crux follow-up
- The evidence favours No. A record of 206 or more is needed, the last six final or forecast values run 190–204, and 2026 is tracking 200 after a stressful, wet season. Yes needs a near-ideal 2027 season, since the 2024–2026 August forecasts of 205–207 each ended lower. The three-year record run and genetic gains keep a record plausible, but it sits in the upper tail rather than the median.
tools
| tool | status | time | items | summary |
|---|---|---|---|---|
| kalshi_direct | OK | 0.2s | 1 | ## This Market's Kalshi Data **Above 205 bu/acre** (KXINCORNYIELD-28JAN31-T205) - Current price (probability): 52.00% (live; bid 47% / ask 49%) - 7-day price change: -4.00% - 30-day price change: -4.00% - Average daily volume: 1823 contracts - Price range: 52.00% - 59.00% - Data points: 6 days |
| resolution_source | OK | 13.5s | 1 | already_resolved=unclear; matches_criteria=True; last_updated=2025 overview page: Quick Stats data as of Oct 17, 2026. October 2026 Crop Production report: released Oct 9, 2026.. NASS has published nothing on Indiana's 2027 corn-for-grain yield, because the 2027 crop has not been planted yet. The fi |
| kalshi_related | OK | 0.6s | 0 | 0 related markets / summaries. series KXINCORNYIELD: 0 markets (skipped 1 no-signal) | series KXCORNYIELD: 0 markets (skipped 0 no-signal) | keyword 'corn yield': no matches |
| article_search | OK | 0.4s | 14 | Fetched 14 unique articles across 2 queries (lookback=365d). 'Indiana corn yield 2026 USDA NASS bushels per acre final estimate': 8 articles | 'Indiana corn yield history record 2024 2025': 8 articles |
research loops
·
4/4 ok ·
16 searches ·
4 page reads
| dimension | status | time | searches | page reads | report |
|---|---|---|---|---|---|
| current state | OK | 17s | 4 | 0 | 3679 chars |
| base rate | OK | 18s | 4 | 0 | 3675 chars |
| yes case | OK | 25s | 4 | 2 | 5213 chars |
| no case | OK | 25s | 4 | 2 | 5281 chars |
report: current state
This report covers only the 2026 crop. The question is about the 2027 crop, which has not been planted and has no forecast yet. NASS yield forecasts for the 2027 crop would start in August 2027. The 2027 final figure would appear in the January 2028 annual summary.
- [2026-10-09] NASS's October Crop Production report puts Indiana's 2026 corn yield forecast at 200 bu/acre. That is unchanged from September and down 2.0% from last year. Harvested area is 5.16M acres and production is 1.032B bu. https://www.nass.usda.gov/Newsroom/Executive_Briefings/2026/10-09-2026.pdf
- [2026-10-09] The national 2026 corn yield forecast is 181.2 bu/acre, up 2.7 from September. Production is 16.034B bu. USDA's next report is due November 10, 2026. https://brownfieldagnews.com/news/usda-surprises-with-corn-crop-guess-also-ups-soybeans/
- [2026-09-11] The September report cut Indiana's forecast from 206 to 200 bu/acre. It also put Indiana's 2025 yield at 204. https://esmis.nal.usda.gov/sites/default/release-files/796056/crop0926.pdf
- [2026-08-17] The August forecast of 206 bu/acre would have been an Indiana record. https://ag.purdue.edu/news/department/agry/kernel-news/2026/08/indiana-corn-update-issue-33.html
- [2026-01 to 2026-05] Indiana's 2025 final yield was 204 bu/acre. That is a record yield, and production of about 1.07B bu matched the state record. A county-level release followed in May. Statewide yield has not exceeded 205 in any year found. https://www.agrinews-pubs.com/business/2026/05/31/nass-releases-county-yields-for-indiana/
- [2024-01] The 2023 Indiana yield was 203 bu/acre, a record at the time. The 2022 yield was 190. https://www.nass.usda.gov/Statistics_by_State/Indiana/Publications/Ag_Report/2024/iar2401.pdf
- [2025-11-14] The 2024 Indiana yield was 198 bu/acre. The November 2025 report pegged 2025 at 206, but the final was 204. https://esmis.nal.usda.gov/sites/default/release-files/795644/crop1125.pdf
- [2026-10-13] Indiana's 2026 corn harvest was 34% complete, matching the five-year average. The crop was 89% mature, against a 90% average. Condition was 64% good/excellent, versus 56% nationally. https://www.wwbl.com/2026/10/13/indiana-harvest-34-of-corn-44-of-soybeans-completed/
- [2026-10-11] Hoosier Ag Today reports mixed local results. Some fields lost 5–10 bu from water damage, and farmers describe "flood to drought three times." Another farmer reports corn coming in dry, around 17.5% moisture. https://www.hoosieragtoday.com/2026/10/11/crop-tour-central-indiana-wraps-soybeans-turns-combines-to-corn-as-harvest-advances/
- [2026-10-12] RFD-TV reports market expectations that corn acreage could top 100M acres in 2027. That would be a rotation shift and could pressure yields. The source offers no Indiana-specific 2027 outlook. https://www.rfdtv.com/usda-raises-corn-yield-forecast-as-farmers-navigate-uneven-harvest-conditions
- [2026-05-12] USDA's 2026 national trend-based yield projection was 183.0 bu/acre. That is a weather-adjusted trend, and no 2027 equivalent has been issued. https://www.usda.gov/oce/commodity/wasde/wasde0526v2.pdf
BOTTOM LINE: No 2027 data exists yet. The threshold of 205 is above Indiana's record of 204 (2025) and above the current 2026 forecast of 200. The resolution source shows no yield above 205 in any year found. Exceeding it would require a new record, and the 2026 crop's final figure (January 2027) will be the next trend marker.
NOT FOUND: Any 2027 Indiana yield forecast, the Purdue or USDA 2027 Indiana trend, 2027 planting intentions, or a dated list of 2027 NASS report releases. I also did not confirm the final 2024 yield against a primary source beyond the November 2025 table.
report: base rate
- [2026-10-09] USDA's October forecast for the 2026 Indiana corn yield is 200 bu/acre. That is unchanged from September and down from 206 in August. The forecast harvested area is 5.16M acres, and the final 2025 yield was 204. https://brownfieldagnews.com/news/usda-surprises-with-corn-crop-guess-also-ups-soybeans/
- [2026-09-11] The September Crop Production report cut Indiana's 2026 forecast from 206 to 200 after hot, dry finishing weather. The national 2026 yield was cut to 178.5. https://www.brownfieldagnews.com/news/usda-2026-corn-soybean-estimates-shift-on-yield-changes/
- [2026-01-12] The 2025 final Indiana yield was 204 bu/acre, a record, on 5.23M harvested acres. The December 2025 USDA figure had been 206. https://www.brownfieldagnews.com/news/usda-2025-u-s-corn-production-topped-17-billion-bushels/
- [2025-08/09] USDA forecast 205 for Indiana in both August and September 2025, and the final was 204. That is a small miss, but the final was still below the 205 strike. https://www.hoosieragtoday.com/2025/09/14/indiana-yield-projections-from-usda-surprise-again/
- [2024-08] The August 2024 forecast was 207, but the final 2024 yield was 198. That was the second-highest on record at the time. https://www.us-agriculture.com/index.php/2025/04/09/2024-midwest-crop-report-corn-soybean-yields/
- [2024-01] 2023 was 203, a record 13 above 2022's 190 and 8 above the 2021 record of 195. 2023 was 8.5% above the farmdoc trend of 187.2. https://farmdocdaily.illinois.edu/2024/03/the-curious-case-of-us-corn-yields-in-2023.html
- [2024-01] Indiana yields from 2021 to 2025 were 195, 190, 203, 198 and 204. Exactly one year in five has exceeded 200, and none has exceeded 205. The record is 204. The first three figures come from the sources above. 2021 is inferred from the 2023 article as "8 higher than previous record." https://www.agrinews-pubs.com/business/2024/01/16/indianas-top-crops-set-record-average-yields/
- [2026-05-31] The NASS county release confirms 204 for 2025. https://www.agrinews-pubs.com/business/2026/05/31/nass-releases-county-yields-for-indiana/
- [2025-12-15] A Purdue corn specialist questioned the 2025 USDA figure as too high, citing drought stress and disease. The reported state record came from the USDA survey, not from agronomists' impressions. https://www.hoosieragtoday.com/2025/12/15/purdue-crop-chat-preview/
- [2026-08] The farmdoc model had Indiana's trend plus condition fit at R² of 0.91. It puts USDA's August national forecast error at a standard deviation of about 5.3 bu/acre. Both are useful for sizing the spread of outcomes. https://farmdocdaily.illinois.edu/2026/08/a-pre-and-post-report-look-at-the-2026-us-corn-yield.html
- [2026-10-18] Resolution is for the 2027 crop. Final figures come in the January 2028 Crop Production Annual Summary, which is before the 2028-01-31 close. The 205 threshold sits 1 bu above the 2025 record of 204. The 2026 forecast is 200 bu/acre and the trend is roughly 190 to 200. https://www.nass.usda.gov/Newsroom/Executive_Briefings/2026/10-09-2026.pdf
BOTTOM LINE: Indiana has never reported a yield above 204. Only about one year in five has been above 200, and 2023 was the only one at 203 or higher before 2025. Beating 205 in 2027 needs a new record on top of a normal trend of roughly 195 to 200. By the base rate this is an unlikely event, though trend growth and good-weather years make it possible.
NOT FOUND: A 2027-specific yield forecast from USDA, Purdue or any other source. A full Indiana yield series for 1990–2020, which I could not retrieve to count exceedances precisely. A trend-yield estimate for Indiana in 2027. The ag-data sites I saw may be unreliable.
report: yes case
YES means: USDA NASS's final Indiana 2027 corn-for-grain yield (Crop Production Annual Summary, January 2028) is 206 bu/acre or higher.
- [2026-08-12] The strongest YES path is a favorable-weather year on top of rising genetics, so that a new record comes in at 206 or more. USDA's survey-based August 2026 forecast was 206, a record. This shows farmer-reported yield potential already reaches the strike in a year with mixed conditions. Pro Farmer and AgWeb confirm the 206 figure. https://www.profarmer.com/news/crop-tour-2026-what-expect-indiana-and-nebraska
- [2026-08-13] The DTN 2026 Digital Yield Tour put Indiana at 202.2. Its own agronomist expected about 200 even after a wet June. Tipton County was forecast at 235.8 bu/acre. A normal June, instead of the saturated 2026 one, is the gap between roughly 200 and a record. https://www.dtnpf.com/agriculture/web/ag/crops/article/2026/08/13/localized-weather-creates-across
- [2020 to 2025 history] Final Indiana yields were 187 (2020) and 195 (2021). 2019 was 169, and 2018 was 189. NASS's Indiana history table shows these. Later reports give 203 (2023) and 204 (2025). That is about a 17 bu rise in five years, and records have been set every two to three years. A trend-plus-good-weather outcome for 2027 would need to clear only 1 bu above 204. Sources: https://nass.usda.gov/Statistics_by_State/Indiana/Publications/Fair/hist.pdf and https://www.nass.usda.gov/Statistics_by_State/Indiana/Publications/Annual_Statistical_Bulletin/2324/pg31-32.pdf
- [2025-09-14] Purdue's Casteel said Indiana's record years had good/excellent ratings of 65–70% through July to September. 2025 was only in the low 60s, yet it finished at 204. A year with those higher ratings, which 2026 reached at 66% on Aug 9, would plausibly beat 204 by a few bushels. https://www.hoosieragtoday.com/2025/09/14/indiana-yield-projections-from-usda-surprise-again/
- [2026-05-31] County data show how much room the top of the distribution has. Warren County averaged 248.6 and Benton 240 in 2025. Sixteen counties topped 210. Jasper, a large county, was at 199.8. A broad lift in the lagging counties would raise the state mean. https://www.agrinews-pubs.com/business/2026/05/31/nass-releases-county-yields-for-indiana/
- [2026-08-12] Management and genetics are still adding yield. Purdue's potash trials topped out near 240 bu/acre. Sulfur-treated fields recovered better from saturated soils. Planting populations have risen about 400 plants per acre per year, though that gain is plateauing. https://ag.purdue.edu/news/department/agry/kernel-news/2026/08/indiana-corn-update-issue-33.html
- [2026-04 to 2026-09] Weather background for 2027. NOAA put a 25% chance on a "very strong" El Niño by late 2026 or early 2027. Forecasters said it would likely last into at least the first half of 2027. A WeatherDesk meteorologist said El Niño typically correlates with cooler, wetter Corn Belt summers. That is mostly favorable for yield, but I found no 2027 summer outlook. Sources: https://www.agweb.com/news/crops/crop-production/super-el-nino-talk-grows-what-it-means-u-s-farmers and https://www.brownfieldagnews.com/news/super-el-nino-event-could-bring-cooler-wetter-conditions-to-the-corn-belt/
- [2026-05 to 2026-09] T-Storm's Tannura said that in the two La Niña-to-El Niño transitions that went well since 1970 (1972, 1982), U.S. corn ran about 12 bu above trend. Only two of five such transitions did that, so it is a thin precedent. https://www.profarmer.com/news/transition-el-nino-signals-drought-relief-global-crop-disruption-looms
- [2026-08-13] Note on the DTN comparison: the RMA 5-year average it cites for Indiana is 210.8 (210.8 vs the 2025 DTN 204.6 in the earlier table). That is an insured-yield measure, not NASS. It still shows that individual farm yields in normal years sit above the NASS state average, which leaves room for a statewide upside surprise. https://www.dtnpf.com/agriculture/web/ag/crops/article/2026/08/13/localized-weather-creates-across
- [2026-08-12] NASS's forecast process can run high. The August 2024 forecast was 207 against a final of 198. The August 2026 forecast was 206 against an October figure of 200. These misses show that the survey sees 205 or more as reachable by August in good years. The final then depends on a favorable August and September. Sources: the colleagues' base-rate report and https://www.agweb.com/news/crops/saturated-indiana-reveals-immature-corn-and-uneven-beans-dryland-drags-nebraska-yields
BOTTOM LINE: The most likely YES path is a 2027 season with timely June–July rain, no late-summer dryness and no early disease. Under that path, USDA records yield of 206 or more, one bushel above the ratchet of recent records (203, 204 and a 206 forecast in August 2026). Genetics and county ceilings support that, but it needs good weather in a year when 2025 and 2026 each lost bushels late in the season.
NOT FOUND: A 2027 Indiana trend or yield forecast from USDA, Purdue or farmdoc, 2027 summer ENSO or seasonal outlooks, 2027 planting intentions, and the Indiana trend-yield slope. The farmdoc and Farm Progress pages I opened returned navigation content only, so the claims above rest on search excerpts.
report: no case
YES means: NASS's reported Indiana 2027 corn-for-grain yield per harvested acre is 206 bu/acre or higher, a strict "above 205" with no rounding up. The 2027 final figure comes in the January 2028 Annual Summary.
- [2026-08-13] Purdue corn specialist Dan Quinn said in August that he did not expect a record state yield in 2026. He expected "around that 200-bushel mark" because of June flooding. The October NASS figure of 200 matches this, while the August 206 was a survey overshoot. I fetched this page, and it also reports a DTN model estimate of 202.2 for 2026. DTN's 2025 model estimate was 206.1, against a final of 204. https://www.dtnpf.com/agriculture/web/ag/crops/article/2026/08/13/localized-weather-creates-across
- [2026-08-13] Quinn's report says June rain of 15–20 inches caused drowned-out spots and uneven crop development. Gary Kerr, a Franklin County farmer, said July dryness hurt corn on lighter ground. This is evidence that even a high-input, early-planted crop lost yield in 2026. The state record of 204 has therefore been reached only in years with near-ideal weather. https://www.dtnpf.com/agriculture/web/ag/crops/article/2026/08/13/localized-weather-creates-across
- [2026-08-17] Purdue notes the 2026 crop was hit by flooding and by about 20% less sunlight than the five-year average from July 31 to August 17. Research it cites puts yield loss from waterlogging at 8 bu/acre per day at V6. This shows how fragile a 206+ outcome is. https://ag.purdue.edu/news/department/agry/kernel-news/2026/08/indiana-corn-update-issue-33.html
- [2026-09-21] IRI says a very strong El Niño is 100% likely through February 2027. It puts El Niño at 61% by May–July 2027, with no probability assigned to neutral or La Niña through spring. Fox Weather reports that four of the five super El Niños since 1970 were followed immediately by La Niña. This is a media-reported historical pattern, not an official forecast. Purdue's 2016 outlook says a fast-developing La Niña after a strong El Niño raised Indiana drought risk. The 2027 growing season is therefore uncertain, with a tilt toward a hot or dry summer risk, and some chance of a drier-than-normal Indiana summer. https://iri.columbia.edu/our-expertise/climate/forecasts/enso/current/ ; https://www.foxweather.com/weather-news/super-el-nino-self-destruct-la-nina-2027
- [2026-08-12] The farmdoc model, which fits Indiana yield from trend plus condition ratings, has a trend base well below 205. The 2023 record of 203 was 8.5% above farmdoc's trend of 187.2 (March 2024). Since the trend grows only about 2 bu/year, 2027 trend is likely near 195. A yield of 206+ needs roughly 5% above trend. https://farmdocdaily.illinois.edu/2026/08/a-pre-and-post-report-look-at-the-2026-us-corn-yield.html ; https://farmdocdaily.illinois.edu/2024/03/the-curious-case-of-us-corn-yields-in-2023.html
- [2022-01-18] Before 2021, Indiana's record was 189 (2018). The state's yield jumped 2011–2016 from 146 to 99 to 177 to 188 to 150 to 173. Boom-and-bust variability is large, and record years have been followed by declines: 2023's 203 fell to 198 in 2024. https://www.agrinews-pubs.com/business/2022/01/18/usda-estimates-i-state-records/
- [2026-02-19] USDA's first look at 2026 cut the national trend yield by 3.5 bu to 183. USDA's own trend is therefore not rising smoothly. The February 2025 USDA baseline had 2027/28 national trend yield rising only about 2 bu/year from 2026. That implies no step-change in 2027. https://www.dtnpf.com/agriculture/web/ag/columns/washington-insider/article/2026/02/19/usda-projects-soybean-production ; https://ers.usda.gov/sites/default/files/_laserfiche/outlooks/110966/OCE-2025-1.pdf
- [2026-08-12] USDA's August 2026 forecast of 206 for Indiana was revised down to 200 within a month. In August 2024 the 207 forecast also ended well short, at 198. So forecasts above 205 have not survived to the final figure in either recent year. https://www.agweb.com/news/crops/saturated-indiana-reveals-immature-corn-and-uneven-beans-dryland-drags-nebraska-yields
- [2026-08-12] The 2027 US corn acreage outlook is high. USDA put 2026 plantings at 96.7 million acres, the third largest since 1940. If 2027 acreage stays at or above 95 million, more corn-on-corn is likely. That tends to lower average yields. https://www.farmprogress.com/corn/lower-yield-plus-higher-acres-equals-grain-price-guesses
- [Historical] Indiana's yields before 2004 were below 168. The pre-2021 series (1988–2021) shows many collapses: 83 in 1988, 92 in 1991, 121 in 2002, 99 in 2012 and 150 in 2015. The spread of outcomes is wide, and the left tail is fat. The 205 strike sits at the extreme right of the series. https://nass.usda.gov/Statistics_by_State/Indiana/Publications/Fair/hist.pdf
BOTTOM LINE: Exceeding 205 requires a record yield above 2025's 204. No year has done that, and every record year has been followed by a lower or flat figure. With a trend near 195, a fragile 2026 crop (200 after the August 206 forecast), a late-2026 El Niño likely fading into a possible La Niña in 2027, and big corn acreage, NO is the status quo.
NOT FOUND: Any 2027 Indiana or Purdue yield outlook; any 2027 NASS release calendar; an official NOAA 2027 summer forecast for Indiana; a precise 2027 Indiana trend estimate.
3. Forecasters 2 draws · Opus 5.5 + GPT · plain mean · re-drawn after crux research
crux research
The first round disagreed: the draws' mean 0.37 sits 0.15 from the same-question market "this kalshi market" at 0.52.
One more research loop went after the crux and every draw below was redone with its report.
first-round draws:
36%, 38%
· crux loop: 4 searches, 0 page reads
report: crux
CRUX: The 2027 Indiana yield has to be 206 or more, a new state record. The question is whether the 2022–2026 level of about 198–204 reflects a trend that has really moved above 200, or whether those results were weather-lucky years. The 2026 crop is the latest test.
Evidence:
- **2021–2026 final and forecast series.** 2023 was 203 and 2024 was 198. 2025 was a record 204, and 2026 is currently forecast at 200.
-
The 2023 average yield was 203 bu/acre, 13 above 2022.
(NASS, Jan 12, 2024: https://data.nass.usda.gov/Statistics_by_State/Indiana/Publications/Current_News_Release/2024/nr2402in.pdf)
-
The 2024 yield was 198, 5 below 2023.
(NASS, Jan 10, 2025, which I fetched: https://www.nass.usda.gov/Statistics_by_State/Indiana/Publications/Current_News_Release/2025/nr2502in.pdf)
-
USDA estimated 2025 at a record 204, one bushel above the 2023 high-water mark.
(AgriNews, Jan 2026: https://www.agrinews-pubs.com/business/2026/01/27/usda-boosts-corn-harvest-from-mid-year-projection/)
- The NASS Quick Stats overview (as of Oct 17, 2026) shows 2025 grain corn at 204 bu/acre. (https://www.nass.usda.gov/Quick_Stats/Ag_Overview/stateOverview.php?state=INDIANA)
- **The record is 204, so "above 205" needs a new record.** No Indiana year has reached 205. The 2025 record was disputed locally:
Purdue's corn specialist said 206 would be a record and questioned why USDA's number looked so high.
(Hoosier Ag Today, Dec 15, 2025: https://www.hoosieragtoday.com/2025/12/15/purdue-crop-chat-preview/). That quote refers to an earlier 206 estimate; the final 2025 figure was 204.
- **2026 forecasts have been cut from 206 to 200.** In August,
Indiana was forecast at a record 206.0 bu/acre.
(Purdue, Aug 2026: https://ag.purdue.edu/news/department/agry/kernel-news/2026/08/indiana-corn-update-issue-33.html) The September and October forecasts were 200, with the October report (about Oct 9) holding at 200.
Indiana: 200 bu/acre, versus 200 a month ago and 204 a year ago.
(Brownfield, Oct 2026: https://brownfieldagnews.com/news/usda-surprises-with-corn-crop-guess-also-ups-soybeans/)
- **2026 season stress in Indiana.** The crop faced May flooding, heavy June and August rain, and wind.
One report describes "a growing season of floods, wind, disease and too much rain."
(Axios Indianapolis, Sep 24, 2026, via search snippet; the page returned 403 when fetched.) Crop condition is about 61% good/excellent. (AgriNews, week ending Oct 4: https://www.agrinews-pubs.com/community-contributed/2026/10/06/indiana-crop-progress-for-week-ending-oct-4/)
- **Early 2026 harvest reports are mixed.** A Lebanon, IN farmer said the crop
has exceeded expectations.
(Brownfield, Oct 5, 2026: https://www.brownfieldagnews.com/news/indiana-farmer-reporting-strong-yields-as-2026-harvest-reaches-midpoint/) Other reports say early corn is good but may not match recent peaks. The final 2026 number comes in the Jan 2027 Annual Summary and could still move from 200.
- **A private estimate for 2026 was also below record.** The DTN Digital Yield Tour had Indiana corn at
202.2 bu/acre, versus 206.1 in 2025.
(DTN, Aug 13, 2026: https://www.dtnpf.com/agriculture/web/ag/crops/article/2026/08/13/localized-weather-creates-across)
- **National trend.** USDA's 2026 national weather-adjusted trend was
183.0 bu/acre.
(WASDE, May 2026: https://www.usda.gov/oce/commodity/wasde/wasde0526v2.pdf) The 2026 national forecast is now 181.2, versus the 2025 record of 186.5. Indiana trend growth is therefore only about 1–2 bu/yr, and the 2025 record sat above that trend.
- **2027 outlook.** I found no 2027 Indiana-specific forecast. Tight stocks (
a 10.1% stocks-to-use ratio
) and July 2027 futures above $5 (Farm Progress, Aug 2026: https://www.farmprogress.com/corn/lower-yield-plus-higher-acres-equals-grain-price-guesses) could push corn acreage and corn-on-corn up. That would likely be a yield headwind.
BOTTOM LINE: The evidence favours No. A record of 206 or more is needed, the last six final or forecast values run 190–204, and 2026 is tracking 200 after a stressful, wet season. Yes needs a near-ideal 2027 season, since the 2024–2026 August forecasts of 205–207 each ended lower. The three-year record run and genetic gains keep a record plausible, but it sits in the upper tail rather than the median.
NOT FOUND:
- Any NASS or USDA 2027 Indiana forecast. The first would come in August 2027.
- The final 2026 Indiana yield. The Annual Summary is due January 2027.
- 2027 seasonal climate outlooks (ENSO and summer rainfall) from a primary source.
- A full 1990–2026 Indiana yield series. I did not retrieve it from Quick Stats and relied on the dated NASS releases above. The 2021–2022 values (195 and 190) are taken from the forecasters' rationales, not verified here.
claude-opus-5-5 · high effort
50% conf
| Yes | 30% |
| No | 70% |
(0) Not resolved: the 2027 crop is not planted, the first NASS forecast comes around August 2027 and the final in the January 2028 Annual Summary; Yes needs 206+ since the rule is strictly above 205. (a) About 15 months remain until the January 2028 final, before the 2028-01-31 close. (b) Status quo is No: Indiana has never exceeded 204 (2025 record); recent values are 195, 190, 203, 198, 204 and 200 (2026 October forecast), and the 2027 trend is likely about 198-202. (c) No: a typical season loses yield late, as in 2024 (August 207, final 198), 2025 (205 forecast, 204 final) and 2026 (206 to 200); an El Niño-to-La Niña drought risk or heavier corn-on-corn keeps the yield near 195-202. (d) Yes: a near-ideal 2027 season with timely rain and a benign August, possibly helped by a cool, wet El Niño summer, plus genetic gains gives 206-212. A normal distribution centered near 200 with an SD of 8-10 and a fat left tail gives about 22-30%. The Kalshi market at 52% (mid about 48%) looks rich relative to this base rate, so I shade down to 0.30 rather than to the bare base rate, allowing for trend uncertainty.
claude-opus-5-5 · high effort
50% conf
| Yes | 33% |
| No | 67% |
(0) Not resolved: the 2027 crop is unplanted; NASS's first 2027 forecast is due around August 2027 and the final in the January 2028 Annual Summary, before the 2028-01-31 close. (a) About 15 months remain, a full growing season. (b) Status quo favors No: Indiana's record is 204 (2025), recent finals/forecasts are 195, 190, 203, 198, 204 and 200 (2026, October NASS), and farmdoc's trend logic implies a 2027 trend near 195-200, so 206+ needs a new record about 1 bu above the high. (c) NO: another weather-stressed season (2026-style flooding, low sunlight, dry finish, or a hot, dry summer as El Niño fades toward La Niña) plus heavy corn-on-corn acreage leaves the yield in the 190s or low 200s. (d) YES: a near-ideal 2027 season with timely rain and genetic gains pushes yield to 206+; the August 2024 and 2026 forecasts of 206-207 show that potential exists in good conditions. The Kalshi mid is about 48% (bid 47, ask 49, last 52). My trend-plus-variance estimate (trend about 199, SD about 9, fat left tail) gives roughly 25-35%, and every recent August forecast above 205 has failed to hold, so I shade below the market to 0.33.
4. Final plain mean of 2 draws · second round
32%
(50% confidence)
Yes: 32%
No: 68%
Mean of 2 draws (0.30, 0.33) after one crux research pass. (0) Not resolved: the 2027 crop is not planted, the first NASS forecast comes around August 2027 and the final in the January 2028 Annual Summary; Yes needs 206+ since the rule is strictly above 205. (a) About 15 months remain until the January 2028 final, before the 2028-01-31 close. (b) Status quo is No: Indiana has never exceeded 204 (2025 record); recent values are 195, 190, 203, 198, 204 and 200 (2026 October forecast), and the 2027 trend is likely about 198-202. (c) No: a typical season loses yield late, as in 2024 (August 207, final 198), 2025 (205 forecast, 204 final) and 2026 (206 to 200); an El Niño-to-La Niña drought risk or heavier corn-on-corn keeps the yield near 195-202. (d) Yes: a near-ideal 2027 season with timely rain and a benign August, possibly helped by a cool, wet El Niño summer, plus genetic gains gives 206-212. A normal distribution centered near 200 with an SD of 8-10 and a fat left tail gives about 22-30%. The Kalshi market at 52% (mid about 48%) looks rich relative to this base rate, so I shade down to 0.30 rather than to the bare base rate, allowing for trend uncertainty.
5. Entry Decision Opus 5.5 trader
Side
no
Position Size
$500
Contracts
943
Trader Confidence
Trade rationale
This bet goes with the market favourite. NO is priced at about 52%, and the forecast puts YES at 31.5%, so both sides of 50% agree. The edge is -16.5pp at the mid. I checked the forecast's numbers on the web and they hold up. Indiana's record is 204 bu/acre, set in 2025 (August forecast 205, cut to 204 in the final). The 2026 crop went from an August forecast of 206 to 200 by September and October. YES needs 206 or more, which would be a new record in a year before it is planted, while the trend is around 200-203. Late-season cuts in 2024, 2025 and 2026 show the August optimism that keeps the market near 48% has not held up in final numbers. The two draws agree closely (30% and 33%). The forecaster's confidence is 0.50, which tells me little either way.
Allocation logic
I'm taking the $500 minimum. The order book is thin: $800 of NO would fill at an average of 0.58 against a 0.53 best ask, which cuts the real edge to about 10pp. Money is also tied up for about 15 months on a weather outcome, so a larger position isn't worth the slippage. The book holds no other corn or crop-yield positions, so this adds no concentrated risk.
Entry price:
$0.53
Current:
$0.53
Status:
OPEN
P&L:
-$16.46
Pipeline Timing
Total pipeline time: 97.1s
Per-tool research timings shown in the Research section above.