USDA will release its August production estimate and supply/demand (WASDE) numbers this Friday, 10 August. This might be one of the most important production estimates the market has seen for a lot of reasons, including:

The U.S. drought has been severe and has lasted much longer than the 1988 drought it is often compared to. Corn and soybean crops were generally planted two to three weeks earlier than normal. The drought has pushed maturity, so Friday's yield estimates should be easier to determine than they would be in a more normal crop year. The corn yield estimate will be based on actual farmer surveys, objective test plots, etc. Previous yield estimates have been based on collective opinions of crop conditions, not actual obse...