Surveys performed on Tuesday indicated the production of corn is projected to climb to 113.3 bushels per acre, which trumps the August 10 forecast of 100 bushels by the U.S. Department of Agriculture. One commodities observer said the survey of the fields actually proved to be a pleasant surprise.
"We were expecting to see a train wreck in the fields, and this isn't quite the train wreck we were expecting," president Mike Zuzolo with Global Commodity Analytics & Consulting in Lafayette, Indiana, told the news source. "This calls into question whether the USDA will have to lower its production estimate next month."
At 1:50 p.m. on Wednesday, corn futures fell 1.01 percent, a 0.085 cent loss to $8.3025 per bushel. Soybean futures fell 0.74 percent, a 0.1275 cent slip to $17.1975 per bushel.
Reuters reports both grains touched record high prices earlier during the summer amid the parched weather conditions, which included hot temperatures and a lack of rainfall.