Corn production estimates were cut by USDA Tuesday due to flooding and planting delays along with a large number of prevent plant insurance claims.
The National corn yield average is at 166 bushels per acre, down from the previous USDA estimate of 176 bushels. Projections of U.S. corn plantings were trimmed by around three million acres, according to the World Agricultural Supply and Demand Estimates. The total corn production could drop to a four-year low.
Traders were not ready for the reduction in corn production estimates and crop prices responded on Tuesday.
Illinois Crop Production report:
For Illinois, the winter wheat harvested area in 2019 is forecast at 560,000 acres which is the same as the previous year. The winter wheat yield is forecast at 65 bushels per acre, down one bushel from 2018. Production is forecast at 36.4 million bushels, down two percent from last year.