Private analytics firm IHS Markit Agribusiness forecasts the U.S. corn crop at 14.497 billion bu. on a yield of 176.9 bu. per acre, according to Reuters. The firm forecasts the soybean crop at 4.530 billion bu. with an average yield of 51.8 bushels per acre.
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In July, USDA projected the corn crop at 14.505 billion bu. on a yield of 177 bu. per acre and soybean production at 4.505 billion bu. on a yield of 51.5 bu. per acre. USDA will release its first survey-based crop estimates on Aug. 12. Those estimates are based mostly on farmer surveys and satellite imagery, as USDA no longer conducts objective yield surveys for the corn and soybean crop in August.
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