Agriculture News
Because USDA no longer collects objective yield samples in August, this will be the industry’s first broad look at field data from across the Corn Belt.
While we’re scouting fields across the Corn Belt Aug. 16-19 on the Pro Farmer Crop Tour, you can scout your own fields.
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Its initial soybean crop estimate was also a bit smaller than expected, and it sliced its all wheat crop quite a bit more than the market anticipated. The market was also caught leaning the wrong way on cotton.
“Increased drought coverage and intensity was more common, as a large majority of these areas recorded light precipitation at best,” today’s drought summary says.
But exports of the oilseed hit a marketing-year low.
Cash wheat prices firm, though HRS values ease from their elevated levels.
Corn and soybean basis continues to slide, but cash prices for both rose this week.
The data is also expected to remind of the thin supply cushion for both crops.
The statistics agency also cut its soybean export forecast by 3.3 MMT and warned further cuts could be coming.