One of the big stories in the market remains the derecho event that took place in Iowa. Parts of central and eastern Iowa had winds in excess of 90 miles per hour with this event, and a few topped 100 mph. This generated widespread damage to everything in its path, including crops and storage facilities. The event also hit Illinois, but damage was less severe.
Satellite data shows the derecho event impacted Iowa counties that have a total of 14 million certified production acres. This does not mean 14 million acres were affected. Of this total, a reported 8.2 million were corn which was the crop that was most impacted from the winds. Even then, not all of these are a total loss. Crop scouts believe between 200 and 300 million bushels of corn production has been lost in the state.
While significant, this will still allow for national ending stocks to increase from this year to next. The USDA is currently projecting ...
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