Professional Farmer expects U.S. crop manufacturing will fall below current government estimates, the advisory service stated Friday following per week of surveying farmer’s fields all through the Corn Belt.
The just-concluded Professional Farmer’s Midwest Crop Tour forecasts U.S. corn manufacturing of 14.96B bushels and soybean manufacturing of 4.11B bushels, with corn yields of 172 bushels per acre and soybean yields of 49.7 bushels per acre.
The U.S. Division of Agriculture not too long ago estimated corn manufacturing at 15.11B bushels and soybean manufacturing at 4.21B bushels, with yields at 175.1 bushels per acre for corn and 50.9 bushels per acre for soybeans.
This summer time’s scorching and dry situations are making an affect on maturing crops, crop scouts informed The Wall Road Journal, particularly soybeans, which had been usually planted later than corn and are thus extra inclined to harsh climate.
The Nationwide Climate Service has issued extreme warmth warnings protecting 14 states within the central U.S., together with states surveyed on this week’s Professional Farmer’s tour resembling Nebraska, Iowa and Illinois.
Most-active grain futures on the Chicago Board of Commerce completed combined Friday, with soybeans (S_1:COM) for November supply ending +1.1% to $13.87 per bushel, December corn (C_1:COM) closing -0.3% to $4.86 per bushel, and December wheat (W_1:COM) settling -1.9% to $6.25 1/4 per bushel.
For the week, CBOT soybeans gained 2.5%, whereas corn fell 1.2% and wheat slipped 2.9%.
ETFs: (NYSEARCA:SOYB), (CORN), (WEAT), (DBA), (MOO)
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