USDA monthly supply and demand forecast for July

On July 4th, the USDA July supply and demand monthly report will be released at 12 o’clock on July 12th, New York time.

We should see higher corn acreage by then, but lower yield numbers may not be there, as the USDA may wait to assess the impact of July weather on yields, said Alberto Carmona, an agricultural commodities analyst. Admittedly, favorable weather in July has benefited some of the damaged crops. We may see a pullback after last week’s sharp sell-off, and corn prices could drop further given the expected rain this week.

Weather forecasts before and after the release of the US Farmers’ Monthly Report for July will determine price action this week. Volatility is expected to persist.