Pro Farmer estimates the U.S. corn crop at 15.116 billion bu. with an average yield of 177.0 bu. per acre. We estimate the U.S. soybean crop at 4.436 billion bu. on a national average yield of 51.2 bu. per acre.
The crop markets were mixed in overnight trading as the Pro Farmer Crop Tour wrapped up. Firming cash cattle prices suggest futures could rebound from Thursday, but hogs seem to be facing seasonal weakness.
Disinflationary pressures along with big Corn Belt rains undercut the crop markets Thursday. Worries that wholesale meat prices are set to decline seasonally depressed the livestock markets.
