There are a number of reasons why USDA's numbers in its 12 August report may have a significant impact on prices.USDA will provide its first corn and soybean crop production estimates based on actual producer surveys, objective test plots, etc. 12 August. These production estimates will be incorporated into its August WASDE (supply/demand) forecasts that will be released at the same time. There's a chance these numbers can have a significant impact on prices for a number of reasons:

USDA resurveyed planted acreage during early July in those states that were so wet in June. Some analysts believe soybean acres could decline by 1-2 million acres from the 30 June acreage report and July WASDE. Based on the 46 bushels/acre yield estimate used...