In this file:
· U.S. Corn Production, Supplies Fall, USDA Says
· USDA cuts corn crop guess on weather woes
U.S. Corn Production, Supplies Fall, USDA Says
The report is seen as price friendly for corn.
By Mike McGinnis, Successful Farming
Agriculture.com - 6/11/2019
DES MOINES, Iowa — The U.S. corn crop production is falling along with supply estimates, according to the USDA.
Immediately following the report at 11:00am CT, the CME Group corn market jumped 10˘ per bushel, soybeans and wheat markets moved up slightly.
At midsession, the July corn futures are 8 1/2˘ higher at $4.24. Dec. corn futures are 8 1/4˘ higher at $4.42.
July soybean futures are 3˘ lower at $8.55. November soybean futures are 2 3/4˘ lower at $8.83.
July wheat futures are 3 1/2˘ higher at $5.10.
July soymeal futures are $0.30 per short ton lower at $313.40. July soy oil futures are $0.07 lower at 27.31˘ per pound.
In the outside markets, the NYMEX crude oil market is $0.06 higher, the U.S. dollar is lower, and the Dow Jones Industrials are 23 points lower.
In its June Supply/Demand Report, the USDA pegged the average U.S. corn yield estimate is 166 bushels per acre, according to the USDA. That is higher than the avg. trade estimate of 172.40 bu./acre and below the May estimate of 176 bu./acre.
For corn, the USDA pegged U.S. 2019 production at 13.68 billion bushels vs. the trade’s expectation of 14.2 billion bushels and the USDA previous estimate of 15.03 billion.
Corn Ending Stocks
The government agency sees the U.S. 2018/19 corn ending stocks at 2.195 billion bushels, compared with its May estimate of 2.095 billion bushels.
The USDA sees the U.S. 2019/20 corn ending stocks at 1.675 billion bushels, compared with its May estimate of 2.485 billion bushels and the trade’s estimate of 1.917 billion bushels.
Soybean Ending Stocks ...
U.S. Wheat Production, Carryout ...
2019/20 World Carryout ...
USDA cuts corn crop guess on weather woes
By John Perkins, Brownfield
June 11, 2019
The USDA has slashed it’s 2019 corn production estimate because of widespread planting delays caused by heavy rainfall and flooding in key U.S. growing areas.
As of June 1st, the crop is projected at 13.680 billion bushels, down 1.35 billion from May’s report, with the USDA lowering planted and harvested acreage expectations by 3 million acres each and reducing the yield guess ten bushels to 166 bushels per acre. Planted area is now seen at 89.8 million acres with harvested area of 82.4 million. If realized, that would pull new crop ending stocks to 1.675 billion, but support the average estimated farm price, with the USDA raising the projection $.50 on the month to $3.80 per bushel. The USDA also lowered 2019/20 feed and residual use, and exports expectations for corn, while raising imports and beginning, or 2018/19 ending, stocks.
The USDA left soybean production estimates unchanged, for now, with a crop...