Indigo Ag Inc. is forecasting output of U.S. corn and soybeans to fall sharply after relentless rain in the planting season was followed by dry growing conditions in the Midwestern crop belt.
The Boston-based crop intelligence firm uses satellite imagery and ground intelligence gathered in part from farmers to make its predictions. It estimated end-of-season U.S. corn production at 12 billion bushels and yields at 154.7 bushels per acre. Each estimate was the lowest since 2012 and below a Bloomberg analyst survey for 13.1 billion bushels and yields of 164.9 bushels per acre.