Hot Summer Eroding Yield Prospects for Corn, Soybeans
Chicago--The hottest summer since 1955 in Iowa and Illinois is eroding yield prospects for corn and soybean crops. A survey of 2,000 fields in the Midwest by the Professional Farmers of America confirms that this year’s output will be diminished, according to Bloomberg. Pro Farmer will officially release the survey today.
A Bloomberg survey of 25 tour participants showed all expected the government to cut its corn-harvest forecasts and 21 participants predicted a reduction for soybeans.
“The crop tour is telling us what we already know, which is that the yields for soybeans and corn may be much, much worse than what the USDA said on Aug. 11,” Tim Hannagan, a grain- market analyst for PFG Best Inc. in Chicago told Bloomberg. “We had the fourth-hottest July in recorded history and very little rain. Something is wrong with this crop, which is what farmers have been telling us from the beginning.”