Europe- New crop report forecasts corn yields will drop 16% below the five-year average. That compares with a July forecast of an 8% decline. It will boost feed costs for livestock herds, adding to even more woes for farmers who are plagued with elevated diesel and fertilizer prices.
US- Crop tours show much of the Western crop belt is plagued with drought conditions, especially in parts of Nebraska and South Dakota. South Dakota corn yield potential was estimated at 118.6 bushels per acre, well below the three-year average of 161.8 bushels.
Chicago grains futures extended gains today, with corn reaching its highest in nearly two months. Indiana corn yield prospects are lower than last year and below the three-year average.
Indonesia has the potential to export corn on account of a production surplus reaching three million tons.
