Sources familiar with Informa Economics say the firm has updated its U.S. corn and soybean production forecasts, based on the assumption that August weather will continue in the stressful pattern that has plagued the growing season thus far. More specifically, the forecast reportedly reflects an assumption for rainfall averaging near half of normal and temps averaging around 3°F above normal. These projections do not include survey results.
- Corn: Informa reportedly reduced its harvested acreage projection by 2 million to 85.67 million acres with a yield of 134 bu. per acre (down 8.5 bu. from its previous forecast). This would put production at 11.5 billion bu., which is 1 billion bu. below Informa's previous estimate.
- Soybeans: Informa reportedly trimmed its harvested acreage projection by 250,000 acres to 75.1 million with a yield of 38.5 bu. per acre (down 1.5 bu. from its July forecast). This would put production at 2.9 billion bu., which is 122 million bu. below Informa's previous estimate.