The USDA’s August Crop Production report confirmed
prospects for small U.S. corn and soybean crops and the need for consumption of
both crops to decline sharply in the year ahead. Prices will now begin to
reflect expectations for any changes in the production forecasts and
confirmation that the necessary rationing is occurring. Indications of the pace
of consumption will be provided by weekly reports of exports, ethanol
production, and broiler placements and monthly reports of the domestic soybean
crush, cattle feedlot inventories, and dairy cow numbers. New production
forecasts will be released in September, October, and November and the final
estimate will be released in January. <Read More>
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