USDA could lower corn, soybean yield estimates Friday
Hot, dry weather in some key U.S. growing areas will likely have at least some impact on yields.
The USDA’s August production update has the first farmer survey-based yield estimates of the growing season and Dale Durchholz, principle at Grain Cycles, says he sees a slight downward shift for those projections, “They were using 177 on corn, I think we’re going to go down, they were using 51.5 on beans, and I think we’re going to see some reduction there too.”
Durchholz says that expected shift is because of weather, “I think about 31% of the corn area here in the United States is under some sort of a drought parameter, so I think a little bit of downgrading is probably a realistic idea.”
The numbers are out Friday at Noon Eastern/11 Central.