The week-long Pro Farmer tour across seven states has established that corn and soy yields will be slightly lower than the USDA projections incorporated into the August 12th WASDE report #603. Pro Farmer lowered the soy estimate by 1.9 percent to 52.5 bushels per acre representing a harvest of 4.36 billion bushels.  Corn was down 2.4 percent to 177.5 bushels per acre but still contributing to a near record crop of 14.82 billion bushels.  Notwithstanding the reductions in yield, the 2020 harvests will be large with unit prices at or below cost of production for most small and intermediate-sized farmers. Factors contributing to low price include reduced demand attributed to COVID-19 restrictions and lower exports to China then were anticipated. 

Farmers have benefited from the CFAP although there are questions as to the fairness of the distribution of approximately $16 billion across livestock and crop production.  Some farmers will also be reimbursed by insurance following the severe derecho that caused extensive damage on August 10th.  Requirements for CFAP disbursements will be amended specifically with regard to claimants "managing farms".  Regulations will require at least 500 hours of actual management annually or 25 percent of all management work to be eligible.