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Mother Nature crushing crop potential
It's been a rough week -- many say the roughest week -- of the crop year, with rocketing temperatures and a lack of rainfall stressing corn and soybeans and, some say, pushing yield potential sharply lower.
"Fields are crashing left and right . . . some have spots dead clear to the top already. Might be one of the biggest seven-day losses in yield in history," says Agriculture.com Marketing Talk adviser Mizzou_Tiger. "Losing 1% every day at this point."
The markets are responding. Though it's been a volatile, up-and-down week, prices have trended higher the last few days, with some analysts saying it could be just the beginning.
How are your crops faring? See the latest crop weather features, discussions, and market analysis here.
A high-pressure ridge has settled in along the southern edge of the Corn Belt, and that's responsible for the heat and dryness that some farmers say have inflicted more damage to the growing corn and soybean crops in the last few days than in the entire preceding growing season.
A hot, dry forecast is a recipe for disaster for much of the region's corn and soybean crops that need heat, but not "at the expense of yield," and that's now got the grain markets soaring. "The real story is just the heat here," says one analyst and broker.
It's not all that uncommon for corn and soybean conditions to turn lower around this time of the year, but the ratings released in Monday's USDA-NASS Crop Progress report show things may be sliding more steeply than usual, analysts say.
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