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Here Come Corn Crop Yields…
The USDA is releasing its national crop yield forecasts for the rest of 2012 at 8:30 AM.
Analysts polled by Reuters expect 127.3 bushels per acre, a low stemming from the drought.
U.S. corn futures rose to a new record high on Friday, rising as high as $ 8.30-3/4 a bushel.
But there’s actually a wide dispersion of forecasts, so no one really knows for sure.
USDA’s July forecast of 146 bushels.
However, Chicago Mercantile Exchange trader Eric “Wolfman” Wilkinson says the report will be “epic.”
“The USDA had people in the fields for this report,” he said.
Earlier this week, NOAA reported July was the hottest month ever recorded.