Markets were shocked at both the higher than expected corn and soybean yields and production. Corn and soybeans fell quickly on the bearish news. Shortly after the report corn is down 10 cents, soybeans down 24 cents, and wheat is down 10 cents.
Finally, report day! The August USDA Supply and Demand Report has been anticipated for weeks. Weather across the Midwest this summer has been extremely variable and certainly volatile with too much or too little often taking place. Ohio, Indiana, and other areas have seen numerous, heavy rain this summer as some Ohio areas received over 10 inches in just the month of July alone. Other areas, especially in the Dakotas and the plains have been hampered with persistent drought conditions for several months.
U.S. corn production was estimated at 14.153 billion bushels, a yield of 169.5 bushels per acre, and ending stocks of 2.273 billion bushels. Traders had estimated corn production at an average of 13.855 billion bushels with a range of 13.59 to 14.07 billion bushels.… Continue readingRead More »