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High yield forecasts for US maize and soya beans have been just one of the factors which helped to pressure grain prices downwards in recent weeks.
Some believed that the US yield estimates were excessive and they hoped that yields would be lower when actual crop scouting got underway.
Lower yield projection would favour higher price levels.
However, the results of these scouting excursions to date do little to favour those hoping for news that might help markets to rally.
Crop tour
A scouting crop tour in the midwest earlier this week did find crops that were likely to be below average relative to the official estimates, but they also found results that look to be higher than those averages.
The net conclusion was in line with the official estimates and so there was nothing in the results that would help push prices upwards.
In both instances crop yields were lower than in 2016, but they are broadly in line with the USDA estimates.
Many believed that these were pitched too high, but now actual crops examination appears to be verifying the recent official estimates.
Those estimates were 10.6t/ha for maize and 3.3t/ha for soya beans. While weather could still impact final yields, every week that passes makes this less likely.
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