Corn futures at six-week highs, at mid-week soybeans seven-week highs, and the hot, dry weather is extended. Some private forecasters are already pulling back the top end of yield potential for corn and soybeans, we are told.
Bottom Line analysts say that even a one-bushel-per-acre decline in the national soybean yield drops new crop ending stocks by over 70 million bushels. 100-degree heat common over North and South Dakota. 29, in fact, all-time high temperatures have already been set this week in six separate states.
This is the Bottom-Line report. This extended July heat gives USDA plenty of time to adjust production forecasts ahead of the August 12th crop report that looms large now, first one based on actual in-field surveys and not computer models.
Audio Reporting by Mark Oppold for Southeast AgNet.