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Wheat Higher After USDA Cuts Production and Yield Forecasts Wheat for September delivery rose 4.2% to $6.40 3/4 a bushel, on the Chicago Board of Trade Monday, in reaction to the USDA reporting lower estimates for 2021 crop yields and production than expected by analysts. Wheat futures on the CBOT charged higher following the release of the USDA s WASDE report which showed lower yields and crop production than initially anticipated. The USDA now forecasts 2021 crop yields at 45.8 bushels per acre, down from 50.7 bushels per acre projected last month. Production is now expected to total 1.75 billion bushels, down from 1.9 billion bushels last month. Analysts surveyed by The Wall Street Journal had expected production to rise. The production forecasts for durum and other spring wheat indicated a significant decline compared to last year for these two classes due to the severe drought conditions affecting the Northern Plains, said the USDA in today s report. ....
Corn Higher on Expectations of Hot July Corn for December delivery rose 5.4% to $5.47 1/4 a bushel on the Chicago Board of Trade Monday in reaction to forecasts for a hot and dry July - a key time for growing crops. Grain futures trading on the CBOT got support from the weather forecast once again, with traders now looking for an extended period of heat and dryness in growing areas that could potentially hurt crops. Talk of warmer and drier July for the U.S. Midwest is setting in, providing support for ag markets, said Terry Reilly of Futures International. In the short-term, rainfall is expected in the Midwest in the first half of the week, drying up in the later half, according to DTN. ....