Yield tallies will fall further -- analyst
It is "outright surprising" that the traditionally conservative USDA cut its forecast for the US corn crop yield at this relatively early point in the season, but the agency's forecasts for the number of acres harvested and yield could still fall further, says Terry Reilly of Futures International.
"I think the corn harvested area should have been down at least a couple hundred thousand, after driving through northern Iowa," he says. "There's a lot of unplanted corn and bean fields up in that area."
Yields could fall because of cool temperatures slowing development of the crop, he adds. CBOT Sep corn is up 5 1/4c at $4.71/bushel.