The U.S. Corn Belt has experienced much more forgiving weather this month after an unusually dry June crashed both corn crop conditions and yield ideas.
U.S. Crop Watch corn and soybean conditions rose for a third consecutive week last week as the milder July weather has erased much of the crop stress caused by the historically dry June.
Chicago-traded corn futures have held up relatively well considering the flip to wetter weather in the U.S. Corn Belt and the revelation that U.S. farmers have planted much more corn than expected.
The U.S. corn crop was seemingly fast-tracking to disaster last month amid historically dry weather, but July has so far featured a wetter and cooler pattern for many top-producing states, aiding in recovery.
Market participants frequently have grievances with U.S. Department of Agriculture estimates, especially when it comes to acreage and yields, though analysts are mostly satisfied with this year’s planting estimates first published in March.