(Reuters) — A turn to hot and dry weather across the U.S. Midwest during August and continued dryness in early September are eroding corn and soybean yield prospects, although a record corn crop and a large soy harvest are still likely, U.S. grain analysts said on Wednesday.
Big crop states including Iowa, the top U.S. grains state, have been hardest hit by the dryness.
Analysts said yields, especially for soybeans, might fall further if it does not rain soon. August is the key development period for soybean development as soy sets and fills pods then.
The U.S. Department of Agriculture will release its September crop report on Thursday, which will include the agency’s latest crop outlooks.
Of the 20 analysts polled by Reuters on Wednesday, the average 2013 U.S. corn yield per acre estimate was 154.100, below the USDA’s August forecast for 154.4 bushels.
The average soybean yield estimate was 41.095 bushels per acre, below USDA’s August outlook for 42.6 bushels.
