harvest

Corn, soybean and wheat prices fell during August amid forecasts of a record fall harvest, said the monthly Agricultural Prices report.

The oil boom in the northern Plains "is creating a crisis for farmers whose grain shipments have been help up by a vast new movement of oil by rail," said the New York Times.

U.S. farmers will harvest their biggest corn and soybean crops ever - 14.093 billion bushels of corn and 3.812 billion bushels of soybeans, says Pro Farmer after a first-hand look at crops in the seven leading states.

Traders expect USDA to forecast record crops today - 14.25 billion bushels of corn and 3.82 billion bushels of soybeans - in its first estimate of the fall harvest only a few weeks away.

U.S. farmers are headed for record-breaking harvests this fall, so large that corn and soybean surpluses will be the largest in years, analysts say in surveys ahead of the Aug 12 crop report.

The U.S. corn and soybean crops are in phenomenally good shape for the first week of August, said the weekly Crop Progress report, despite dry July weather in the western Corn Belt.

In two reports today, the Agriculture Department will clarify how tight soybean stocks will get this summer and how large, possibly record-setting, the fall harvests will be.

The winter wheat harvest, at 16 percent complete, is running 4 points behind average, says the weekly Crop Progress report.

Thanks to forecasts of large harvests, global grain supplies will rise again this year, says the UN Food and Agriculture Organization.

The Agriculture Department plans to begin monthly reports in September or October on soybean crush, corn mill grind and cotton mill use, a senior official told reporters on Monday.