Usually, the July USDA report does not have yield adjustments, but this year there was a change to the estimated corn yield due to excessive dry weather in June.
Export Demand
While weather is always a big factor, long-term demand may also become an issue. The USDA continues to estimate a 27% increase in export demand for next year. However, considering Brazil’s record crop being harvested, and likely an even bigger crop next spring, it is unclear where the added demand will come from. Perhaps the USDA is building a reserve in the demand area in case yields drop further throughout summer.
By JON SCHEVE
July 17, 2023
agweb.com
