From Agora’s Kevin Kerr:
“The flooding and prior steamy hot weather,” reports Kevin Kerr from the commodity pits, “are going to make this year’s harvest a big disappointment.”
“Kernel counts for corn are poor, and with all this wet weather, many soybean crops are underwater or will get hit by mildew and disease. Not to mention the fact that farmers simply can’t get equipment into the fields. Heck, you’d need a combine on pontoons in some places.
“High hopes from planting intentions in April now seem like a distant memory. I expect bean yields will be awful and corn to be much lower weight and quality than projected. All this means even higher prices, especially this winter.”