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The world faces a “dramatic” drop in grain and oilseed crop potential in the wake of a devastating U.S. drought and weather problems in Russia and other key growing regions, AgResource Co. analyst Dan Basse said.
U.S. corn harvest prospects have already shrunk sharply following the country’s hottest July on record, Basse said, and he fears yields will decline further beyond the Agriculture Department’s updated crop estimates, scheduled for release August 10.
Basse will detail drought implications and his expectations for the USDA’s Crop Production and Supply and Demand reports during a CME Group simulcast August 9 at 2:30 Central time. The simulcast will also feature Terry Roggensack of the Hightower Report.
Corn and soybean futures touched all-time highs last month, and Basse said he expects another rally phase led by cash markets as commercial end-users “reach for coverage” to ensure they have sufficient supply. Still, it’s unclear whether there will be enough to meet demand. “The outlook remains bullish,” Basse said. “We are unsure who will go without.”
Register for the August 9 CME Group Simulcast www.cmegroup.com/augustreports