By Todd Hubbs, Department of Agricultural and Consumer Economics University of Illinois
Market attention continues to focus on the potential size of the U.S. corn and soybean crops. Acreage totals look to remain uncertain for the rest of the year and any adjustments in the next WASDE report may not reflect the changes facing both crops this year. U.S. average yields appear set to move lower in the upcoming WASDE report as severe delays in planting indicate reduced yield potential.
Expectations for the U.S. average corn and soybean yields this year continue to deteriorate over recent weeks as planting delays dragged on over much of the Corn Belt. In particular, states in the eastern Corn Belt dealt with extremes moisture and massive delays this year. Yield potential falls for corn planted after the second or third weeks of May, all other conditions equal. Even though progress accelerated last week on drier weather, corn planting after May 25 came in at a higher than average percentage.