Total Farm Marketing Senior Market Advisor Naomi Blohm says there may be slight reductions in U.S. yield forecasts in the USDA report. “It’s definitely not a record crop by any means, but I think it’s too premature to say the yield will be substantially lower. We know it’s been so hot in Nebraska and in parts of western Iowa where it hasn’t rained. They’re really struggling there, but a lot of the other areas of the country are doing ok.” USDA is resurveying the Dakotas and Minnesota for an update on planted acres. Blohm says that’s not common and that could be supportive or negative to prices. The Farm Service Agency is expected to release an estimate on prevent plant next week as well.
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