(Bloomberg) -- Corn and soybean futures edged lower in Chicago amid expectations the US Department of Agriculture will raise its outlook for already record-high yield estimates.
The USDA will issue its monthly supply and demand report Monday. Analysts surveyed by Bloomberg predict a corn yield of 182.2 bushels per acre — above the USDA’s estimate of 181 from last month. Analysts estimated the soybean yield at 52.5 bushels per acre, above the USDA’s estimate of 52.
That’s as weather in the US Midwest has been broadly beneficial for crops, with ample rainfall and limited threatening heat.
“As we look back on the 2024 growing season, we had a fairly iffy spring in pockets, but we have had an almost ideal summer across the Belt,” StoneX risk management consultant Matt Campbell said of corn in the US farm belt.
Large incoming crops, coupled with abundant existing stockpiles, have prices for grains and oilseeds hovering near the lowest levels since 2020.
--With assistance from Dominic Carey and Áine Quinn.
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