In this file:
· Markets Find Slightly Bullish News in USDA Reports
· USDA Reports Disappointing for Farmers
· USDA Raises 2019 Corn, Soybean Yields in January Report
· Analyst on Friday’s “disappointing” USDA report
Markets Find Slightly Bullish News in USDA Reports
by John Herath, AgWeb
Jan 10, 2020
USDA raised production estimates for both corn and soybeans in Friday’s reports, yet the markets found a slightly bullish silver lining.
“I think some of what was in there is the stocks report was a little more bullish, a little more favorable in terms of what it was implying about disappearance or what crop was available,” Seth Meyer of the Food and Agricultural Policy Research Institute told U.S. Farm Report’s Tyne Morgan. “I think while you had increased in yield or corn, you had a little bit lower harvested area, and then you had a bigger than expected implied use coming out of the stocks report.”
Rabobank grains analyst Erin FitzPatrick, however, said the markets are looking for further adjustment in the numbers...
more, including video analysis [6:57 min.]
USDA Reports Disappointing for Farmers
Radio 570 WNAX (SD)
Jan 10, 2020
The much-anticipated U.S. Department of Agriculture’s provided a major data dump for the market, but most numbers came in close to trade estimates and were likely a disappointment for farmers. On corn the agency estimated yield at 168 bushel per acre, which was up 1 bushel from December. Harvested acres were revised slightly to 81.5 million acres, down 300,000 from last month. That put production at 13.692 billion bushels which is up 31 million bushels from the last report. However, ending stocks were still lowered on the final report to 1.892 billion bushel. Quarterly stocks were reported at 11.39 billion bushel.
Soybean yield was raised by .5 bushel per acre to 47.4 with a lowering of harvested acres by 600,000 acres to 75 million. That translated into a 3.558-billion-bushel production figure, with ending stocks at 475 million bushel, unchanged from December. Quarterly stocks were set at 3.25 billion bushel which is under last year’s 3.746 billion.
The summary for U.S. Winter Wheat Seedings showed all winter wheat at 30.8 million acres, which is down from 31.2 million in the 2019-20 marketing year. Hard Red Winter Wheat acreage was 21.8 million of that total and down from 22.5 million acres last season. Soft Red Winter Wheat seedings were estimated at 5.64 million acres but up from 5.2 million in 2019-20. Wheat ending stocks on a domestic basis were lowered by 9 million bushel from last month to 965 million. Quarterly stocks were projected at 1.83 billion bushel.
World corn ending stocks were lowered for corn and wheat but increased on soybeans. USDA projects corn carryout at 297.8 million metric tons, soybeans stocks at 96.7 million metric tons and wheat at 288.1 million metric tons.
John Nelson with Producers Livestock in Sioux City, Iowa says after months of speculation about the reports, farmers were undoubtedly disappointed...
USDA Raises 2019 Corn, Soybean Yields in January Report
By Ashley Davenport, Hoosier Ag Today
Jan 10, 2020
Was the 2019 crop yields as bad as what some were expecting? According to USDA, they increased yields for corn and soybeans compared to their November report.
In November, USDA estimated corn would yield 165.5 bushels per acre, while soybeans would yield 46.5 bpa. In the January report, USDA pegged U.S. corn yields at 168.0 bpa and soybeans at 47.4 bpa.
Corn for grain production in 2019 was estimated at 13.7 billion bushels, down 5 percent from the revised 2018 estimate. The average yield in the United States was estimated at 168.0 bushels per acre, 8.4 bushels below the 2018 yield of 176.4 bushels per acre. Area harvested for grain was estimated at 81.5 million acres, up less than 1 percent from the revised 2018 estimate.
Soybean production in 2019 totaled 3.56 billion bushels, down 20 percent from 2018. The average yield per acre was estimated at 47.4 bushels, down 3.2 bushels from 2018. Harvested area was down 14 percent from 2018 to 75.0 million acres.
On a global picture, USDA says total corn use...
Analyst on Friday’s “disappointing” USDA report
By Mark Dorenkamp, Brownfield
January 10, 2020
A market analyst is calling Friday’s USDA crop report disappointing.
Jamey Kohake with Paragon Investments says he expected friendlier numbers.
“The corn yields were a bushel higher than where we were in December. They did lower harvested acres (for) a crop size of 13.6 billion, just a little bit lower from where we were last month.”
He tells Brownfield the biggest negative for corn was a larger than anticipated global production figure.
Kohake sums up the report as a mixed bag overall.
“And I look for the market, especially in corn, to...
more, including audio [4:28 min.]