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Favourable US weather lifts corn and soybean yield forecasts

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Generally good growing weather in US midwest sees rising corn, soybean production forecasts.

 

At present, the corn futures market is pricing in a US yield of 179-181 bushels per acre, says trader and analyst Richard Crow of Crow Trading Inc.

 

With the first USDA-survey production report due on August 12th, Crow says confirmation of a 180-bushel yield “will keep corn prices under pressure through harvest. Corn spreads will stay wide if any corn is delivered on the September and December futures contracts".

 

Meantime, several analysts signal soybean futures traders have been talking about a yield of around 51 bushels per acre for a US average.

 

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