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.
