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Pro Farmer estimates the U.S. corn crop at 16.204 billion bu. using an average yield of 182.7 bu. per acre. We estimate the U.S. soybean crop at 4.246 billion bu. at an average of 53 bu. per acre.
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Cash cattle averaged the second highest price on record last week.
Only 9% of corn area and 7% of beans is covered by drought.
Above-normal rainfall is expected in the far eastsern Corn Belt, Delta and Southeast through October.
SRW and HRW basis improved despite ongoing harvest.
Weekly export sales were light, especially for old-crop corn.
Corn and soybeans pulled back from recent gains overnight, while wheat also weakened.