USDA reduced U.S. corn acreage by three million acres and lowered corn yield to 166 bushels/acre in its latest report. Commodity Risk Management Group market analyst Mike North explains the significance of the corn yield and acreage shift. “This confirms what most people were believing,” says North. “However, we don’t know if there will be more acres lost by the end of the month or how many. Based on the weekly crop progress report, we have 14 million acres outstanding. There are still farmers pursuing corn planting for the feed.” U.S. soybean production is also top of mind for analysts. USDA estimates soybean yield at 49.5 bushels/acre. “There is a lot of conversation about corn acres shifting to soybeans. USDA didn’t want to say at this point if more would be planted.”
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