Corn yields jump anticipated in WASDE report

“Analysts are increasingly projecting a jump in U.S. corn yields in the August WASDE report, with early estimates averaging near 185 bu/acre. A yield at that level could add 350–400 million bushels to the balance sheet, pressuring prices further if demand doesn’t keep pace,” Total Farm Marketing said. “Weather forecasts stay non-threatening into the first half of August. The combination of cooler than normal temperature and adequate moisture will help support the development of the crop into the finishing stages.”

“Urea prices remain elevated on tight U.S. supplies. Going forward Russia could face higher export taxes on goods, including urea, if the war with Ukraine continues,” Chad Pater of CHS Hedging said. “Corn affordability hit multi-year lows on the urea-to-corn price ratio.”