Bumper Crop Expected, Some Drought Concerns
From Global Insight: USDA reports that current crop conditions still point toward large 2007 corn, soybean, and cotton crops. Encroaching drought conditions, however, could reduce crop potential in some areas.
As USDA's drought monitor indicates, drought is encroaching on the Corn Belt where the majority of corn and soybean are grown. However, much of the corn is already mature, reducing the impact of dry conditions late in the season. Crop conditions as of July 22 indicate a corn crop of 12.9 billion bushels is on its way.