USDA Crop Report and Inflation Data Loom Large on Wednesday

The USDA's August crop report is set to be released on Wednesday at 11am CT. Analysts surveyed by Reuters expect corn yields to be below trend, with a consensus of 182.4 bushels per acre, down from last year's record 186.5 bushels.

Similarly, soybean yields are expected to match last year's figure at 52.9 bushels an acre. Analysts also predict corn production will decrease to 15.934 billion bushels and soybean production will increase to 4.472 billion bushels.

The Labor Department will release the July consumer price index on Wednesday morning, which could have a significant impact on interest rates if inflation numbers are higher than expected.