On June 28, according to media reports, the Chicago Board of Trade (CBOT) corn futures market fell sharply on Tuesday. Favorable rainfall.
1. The weather forecast shows that there will be favorable rainfall in the corn belt later this week and next week, alleviating concerns about dry weather. The Corn Belt could see its best rainfall since April, one analyst said. But the real question people face is whether weather patterns are changing and corn and soybean crops still need regular rainfall.
2. Before the USDA released the acreage report, analysts on average expected the U.S. corn acreage in 2023 to be 91.853 million acres, slightly lower than the March 31 forecast of 91.996 million acres. Crop expert Dr. Michael Cordogne lowered his forecast for the average U.S. corn yield this year by 2 bushels to 175 bushels per acre, bringing production down to 14.61 billion bushels.
