Drought claims will drive up corn and soybean insurance payouts this year, but one insurance executive isn't discouraged.
USDA analysts chopped the projected corn yield to 146 bu./acre, down 20 bu. from earlier projections.
Corn futures have soared, crop condition ratings have dropped, and the world is hearing about risks of U.S. drought driving food prices higher.
Weather will drive the wheat market from here on out, analysts say.
Two major corn and soybean market reports are due from USDA Friday morning, but they're fighting with weather for attention.
Wheat futures initially fell after USDA's June 12 Crop Production report reduced the anticipated 2012 harvest less than expected.
CBOT's floor trading could open 10 minutes before USDA issues major crop reports, pending certification from the Commodity Futures Trading Commission.
After cotton futures dropped their daily limit May 22, one broker predicted futures prices will stay on a downward trend for a few months.