In fact, many of those who instinctively know "rain makes grain," were forced to acknowledge this year that "TOO MUCH RAIN TAKES GRAIN."
Just how much is still unknown. The Agriculture Department will release its November production estimates next week. But private analysts have already gazed into the crystal ball to hazard a guess or two of their own.
Another private firm, Informa Economics, pegs the U.S. corn crop at 12.59 billion bushels with an average yield of 155.0 bushels per acre. Since its October estimates, the firm has cut yields in nine states, while increasing them in four.
FCStone estimates the U.S. soybean crop at 3.45 billion bushels, with yields averaging 44.9 bushels per acre. That's just above USDA's October record forecast of 44.4 bushels per acre.
Meanwhile, Informa now expects soybean yields of 44.6 bushels per acre, up 0.2 from USDA's October estimate. The firm predicts U.S. soybean producers will harvest 3.43 billion bushels, up 17 million from last month. Informa says it raised estimates in 11 states, but those increases were mostly offset by decreases in 5 states.
USDA is set to release its November Crop Production Report and supply and demand estimates next Tuesday.