The USDA has trimmed its expectations for this year’s corn and soybean crops.
The numbers are as of August 1st, do reflect some drought damage for corn and beans, but do not fully take into account the recent shift in U.S. weather, and will change over the next few months.
In the first field survey based guess of the season, corn production is projected at 15.111 billion bushels, down 209 million from July on a more than two bushel cut in the yield estimate, now seen at 175.1 bushels per acre, with harvested area of 86.322 million acres.