The Chinese crop is down 1 million bales from last year, or 2.8%, but that is not very likely to result in increased imports. A U.S. crop failure — while, still a possibility — may not mean what it once did.
It was widely expected that the USDA would slash its estimate for planted corn acreage in its June 12 monthly crop report. It was quite a surprise then when the USDA left the acreage estimate virtually unchanged from the May estimate, at 97.3 million acres.
Although a very wet spring delayed planting of the 2013-14 U.S. soybean crop, ideal weather materialized after it was planted. But because the crop was planted late, it is still vulnerable to the hot and dry weather that is hitting key growing regions.