Crop Forecast Report Show Increased Production in Area Fields and Lower Yields

Chicago Agriculture Commodities Finish Down

Analysts expect the USDA to lower its estimate for USA corn production to 166 bushels per acre (bpa), down from 170.7 bpa. Harvested area of corn was forecast at 83.5 million acres, unchanged from the June Acreage report but down 4% from past year. Northeast Iowa is anticipated to have the highest yield in the State, with 205.0 bushels per acre.

The most active corn contract for December delivery dropped 15.25 cents, or 3.95 percent, to 3.71 dollars per bushel.

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USA durum production was forecast at 50,535,0000 bushels, down 12% from July and down 51% from 104.116 million bushels in 2016.

Winter wheat outturn was estimated at 1.287 billion bushels, up 1% from July but down 23% from 1.671 billion bushels in 2016. If realized, this will be the third highest yield and production on record for the United States. The USDA raised its world output projection on wheat for the 2017/2018 crop year to 743.18 million metric tons in its latest monthly report, from its previous estimate of 737.83 million metric tons. The cool and dry weather forecast across key growing regions continues to fan the uncertainty surrounding this year's crop and anticipation for the USDA WASDE report to be released on Thursday seems to support the market.

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Analysts polls show wheat production is likely to be revised lower as well with all wheat production expected to fall from 1.76 billion bushels in July to 1.711 billion bushels in August.

The U.S. corn crop is getting smaller, while the soybean crop gets bigger, according to the USDA.

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Guam is being used as a pawn in the confrontation between North Korea and the United States, an academic says. NBC's report comes after a state-media outlet said Pyongyang was "seriously considering" an attack on Guam .

It was the first survey-based forecasts for corn and soybeans.

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