The size of the U.S. crop is outshining export sales. According to Summit Commodities market analyst Tim Marsh, the supply story will continue to keep pressure on the grain markets. Traders are awaiting the details of the USDA August supply and demand report. “The trade will expect to see at least a modest increase in the corn yield and the soybean yield, because of the good crop,” said Marsh. “One thing about the report that’s interesting is the USDA won’t go to the field to look at the crop this year due to budget constraints; they won’t do a field survey until September. The crop size and yield estimate will be made entirely with farmer surveys and satellite imagery.” In the meantime, the price of crops could continue to attract more export sales.
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