Crop Consultant Dr. Michael Cordonnier added 1.5 bu. to his average corn yield projection that now stands at 178.5 bu. per acre; that pushes his production estimate up to 14.99 billion bushels. His bias is neutral to higher going forward.
Lower temperatures and beneficial rains boosted crop prospects over the past week and the forecast “does not look very threatening outside of some dryness in the eastern Corn Belt and western Iowa,” with some cooler temperatures and scattered rains expected to benefit both the corn and soybean crops.
Cordonnier also raised his soybean yield projection by 1 bu. to 51 bu. per acre and his bias is neutral to higher going forward. That pushed his soybean crop estimate to 4.23 billion bushels.
He says, “If the current beneficial weather continues into early August, the soybean estimate could move higher.” The next three to four weeks will be critical for the soybean crop that will begin filling pods.
In general, Cordonnier says, “I think we can characterize the actual weather this summer as being less threatening than what had been forecasted.”