USDA Data Drops U.S. Corn Market 25¢ Monday
Soybean market sees USDA friendly.
By Mike McGinnis, Successful Farming
Agriculture.com - 8/12/2019
DES MOINES, Iowa — The U.S. corn market dropped its daily limit low, 25¢, as USDA keeps corn production numbers high vs. previous estimates.
In its August Crop Production/WASDE Reports, the USDA raised the average corn yield and lowered production only slightly.
As a result, the CME Group corn market dropped its daily limit low of 25¢, while soybeans dropped only slightly.
U.S. 2019/20 Corn Production
On Monday, corn production totaled 13.9 billion bushels vs. the avg. trade estimate of 13.1 billion bushels and the July estimate of 13.8 billion.
On yield, the USDA pegged this year’s corn yield at 169.5 bushels per acre vs. the avg. trade estimate of 164.7 bushels per acre and the USDA’s July estimate of 166 bushels per acre.
U.S. 2019/20 Soybean Production
In its Monday report, the USDA pegged soybean production at 3.68 billion bushels vs. the avg. trade estimate of 3.79 billion bushels and the July estimate of 3.84 billion.
Regarding yield, the USDA estimates the U.S. soybean crop averaging 48.5 bushels per acre vs. the avg. trade estimate of 47.5 bushels per acre and the USDA’s July estimate of 48.5.
U.S. 2018/19 Corn, Soybean Ending Stocks ...
U.S. 2019/20 Grain Ending Stocks ...