<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=2eKTTz_0vCjdQGq00" alt="https://img.particlenews.com/image.php?url=2eKTTz_0vCjdQGq00" width="1200" height="907" ><figcaption>A cloud of dust follows a combine during a soybean harvest. Chris Hardie/For Agri-View</figcaption></figure>Grain markets around the globe seem to be hedging to predict the effect of weather and yield estimates on future prices.“The Pro Farmer crop tour has concluded and found good corn crops, with production estimated at 14.979 billion bushels,” Jack Scoville of the Price Futures Group said. “Most in the trade had expected production in excess of 15 billion bushels as had USDA so some upside movement is possible in prices early this week.”Higher U.S. demand comes from the fact that corn prices are already the cheapest in the world, he said. Soybeans and products were higher last week on speculative short covering generated by stronger demand news. Pro Farmer estimated U.S. soybeans production at 4.74 billion bushels, which would be a new record.In its August World Agricultural Supply and Demand Estimates report, the USDA predicted record soybean production of 4.59 billion bushels on a yield of 53.2 bushels an acre. Pro Farmer's corn estimate came in at 14.979 billion bushels on an average yield of 181.1 bushels per acre, while the USDA estimates corn production at 15.15 billion bushels on a yield of 183.1 bushels per acre. This week should be dry and warmer. Demand continues to be strong.“Reports indicate that China is buying a lot in the United States,” Scoville said. “Domestic demand is strong, too.”Wheat dropped in all three markets last week on stable to weaker overseas prices reported in Russia and Europe, Jack Scoville of the Price Futures Group said. This happened as farmers head toward the wheat harvest wrap up in the United States and with reports of cash movement approaching, Scoville said.“U.S. harvest progress and ideas of good crops went against reports of dry weather in eastern Europe and Russia and too wet weather in France and Germany along with spring wheat areas of Russia,” Scoville said.The weather there is affecting world production estimates, he said. There were more reports of dry conditions coming this week to Russian growing areas, although spring wheat areas have seen too much rain, he said.Eastern Europe is also hot and dry while Western Europe has seen too much rain.</div></body>

Mountain View, CA

NewsBreak

Yield tour predicts new record for soybeans

Grain markets around the globe seem to be hedging to predict the effect of weather and yield estimates on future prices. “The Pro Farmer crop tour has concluded and found good corn crops, with production estimated at 14.979 billion bushels,” Jack Scoville of the Price Futures Group said. “Most in the trade had expected production in excess of 15 billion bushels as had USDA so some upside movement is possible in prices early this week.”

Yield tour predicts new record for soybeans

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