But in most of the "Grain Belt," the weather of late has been ideal. While that bodes well for homeowners hoping to run their air conditioners a bit less, it is not a welcome development for grain prices.
The full effects of favorable growing conditions will be known next week, when the Agriculture Department releases its much anticipated Crop Production Report. But that didn't stop private analysts from making a few predictions of their own this week.
Informa places the soybean harvest at 3.18 billion bushels, slightly below USDA's estimate of a record 3.26 billion bushels. FCStone's number is lower at 3.25 billion while Allendale matches USDA's July estimate at 3.26 billion bushels. Yield guesses are all near USDA's July estimate of 42.6 bushels per acre -- the third highest on record.
For all wheat production, Informa's educated guess is 2.17 billion bushels, slightly higher than USDA's 2.11 billion bushel estimate.
USDA will show which group was closest to the mark when it releases its August crop production estimates next week.