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Next week’s crop report should reel in lofty expectations about new-crop production potential while it should also feature upward revisions for old-crop corn demand, as well as cuts for South American soybean production, and cuts for wheat supply in Europe and around the Black Sea.   The biggest wildcard on the June crop report is the U.S. corn yield estimate. While very rare for the USDA to tweak the “weather-adjusted trend” yield in June, it is not without historical precedence. It was because of delayed plantings that the June corn yield estimate was lowered in 2019, in that case by a whopping 10 bushels per acre. The USDA had previously included text in the June crop report explaining how its trend yield estimate was based on the assumption of “normal mid-May planting progress.” Planting was delayed in mid-May this year, but not to the extent of 2019. Corn plantings were only 49 percent complete by May 19, 2019, while they were 70 percent planted by the same date this year. Still, plantings were slower than average for most of the month and the trend yield model should produce an adjustment lower to reflect the likely yield penalties for what was…

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