USDA is forecasting the third largest corn crop and the second largest soybean crop on record in the August planted acreage update released Wednesday.
U.S. growers are forecast to produce 13.7 billion bushels of corn this year, and NASS forecasts U.S. soybean production of 3.92 billion bushels. The report also includes forecasts for cotton and wheat.
Jack Scoville of the PRICE Futures Group analyzed what he called a “smoking” report for the Minneapolis Grain Exchange crop call. MGEX Crop Call with Jack Scoville