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Corn, soybean market prospects follow USDA reports

USDA's June 1 Grain Stocks and Crop Acreage  reports contained estimates that were generally as expected for soybeans, but both reports contained surprises for corn, according to Darrel Good, University of Illinois ag economist. There is considerably more uncertainty about new crop production and price prospects. Good expects planted and harvested acreage of both crops to be less than revealed in the June survey. However, production will be influenced more by yield prospects than by acreage estimates. The period for determining yields is just beginning, with July and August weather critical for both crops. Based on current crop condition ratings and near term weather forecasts, prospects for yields likely exceed current market expectations, particularly for corn. Read more …