The USDA is expected to adjust yield forecasts for U.S. corn and soybeans in its monthly crop production report. StoneX Group Chief Commodities Economist Arlan Suderman says the production data won’t factor in the latest weather risks. The National Agricultural Statistics Service also resurveyed farmers in the Dakotas and Minnesota on acreage following the June 30 report. Those results will be included in Friday’s report. Suderman says the acreage survey may hold the biggest surprises. “I see a drop in corn acres and barring any surprises on the yield side, I think that will be the biggest surprise and impact on the market sentiment. If we do see a decline in corn acres, that will make the weather that much more significant, especially if we get or miss out on rains in the western Corn Belt.”
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