Corn Weather Woes May Be Passed on to U.S. Livestock Farmers

Andrew Cummings
June 13, 2019

The USDA is expected to trim its estimates for corn and soybean yields in its monthly supply and demand report due later on Tuesday.

The U.S. government on Tuesday slashed its estimate of domestic corn production this year as heavy rain throughout the spring forced growers to cut their acreage and caused planting delays that threatened the size of harvest. That would be the smallest harvest in four years. The wet weather prevented farmers from planting corn and raised the risk that the crop could be hurt by hot summer weather or an autumn frost.

USDA left soybean yield unchanged from May at 49.5 bpa and production at 4.15 billion bushel. CBOT July corn settled Friday down 4-3/4 cents at $4.15-3/4 a bushel. July wheat was up 10 cents, or 2.07 percent to 5.18 dollars per bushel. Corn futures slipped after Thursday's surprise rebound on poor export sales. -China trade dispute that has slowed American agricultural exports.

Also on Monday, USDA reported the planting progress and crop conditions as of June 9.

The agency kept its production and yield estimates for soybeans unchanged from last month.

Corn Belt weather turned drier over the weekend, which likely allowed for strong planting progress for the corn and soybeans. Wheat slid, falling for two of three sessions on improved conditions of the US spring wheat, while soybeans fell after closing higher on Monday. The agency rated 59% of the crop as good-to-excellent, ahead of market expectations.

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