Good Morning,
Report Day!
The USDA will release their S&D estimates at 11 am today with the expectations for larger corn and soybean yields due to favorable weather. Estimates are listed below and will be updated shortly after the report’s release.
USDA Production (Billion Bu)
USDA August Ave. Estimate USDA July
Corn Production 15.278 15.174 15.000
Corn Yield 181.8 180.5 178.5
Soybean Production 4.425 4.254 4.135
Soybean Yield 53.3 51.2 49.8
2019-20 US ending stocks (Billion Bu)
USDA August Ave. Estimate USDA July
Corn 2.228 2.271 2.248
Soybeans.615 .617 .620
2020-21 US ending stocks (Billion Bu)
USDA August Ave. Estimate USDA July
Corn 2.756 2.80 2.648
Soybeans .610 .524 .425
Monday’s Derecho storm potentially impacted some 10 million acres (4 million hectares) of Iowa farmland and millions of bushels of grain storage in the top U.S. corn growing state, Iowa Agriculture Secretary Mike Naig said; early estimates show that tens of millions of bushels worth of commercial grain storage – as well as millions of bushels of on-farm storage bins owned by producers – were either impacted, destroyed or severely damaged by the storm. Unfortunately these “potentially” damaged acres has not affected the markets at all. Maybe we will see some impact long term but for the time being the markets are content with this year’s potential crop.
Have a Safe Day!
Garry Gard
920-348-6844
ggard@didionmilling.com
