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Grain traders for the most part focused on projections for record U.S. corn and soybean crops in the Agriculture Department's latest monthly Supply and Demand report last week, according to University of Illinois economist Darrel Good.
But the most important information was in the USDA’s estimates for 2013-14 marketing year consumption, Good wrote this week on the farmdocDaily agricultural news site.
Moreover, and despite the bountiful harvest outlook, "yield of both crops will be determined by weather conditions yet to unfold so considerable uncertainty will persist for another three months," Good said.
Disclaimer: This information was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.