Good morning,
All commodities are in sell mode this morning as corn is down 4, soybeans down 19 and wheat is down 3.
Steady crop ratings, when ratings normally fall, rain in the forecast and follow thru selling from yesterday’s crop report in soybeans are pressuring the market today.
The August crop report saw a downward adjustment of 800,000 acres in corn, to 90.7 mil acres. US wheat seeding was down 900,000 acres to 46.3 mil acres, while soybeans gained 1 million acres. Crop yields are forecast at a record 183.1 bpa in corn, and soybeans at 53.2. The acreage adjustments came from FSA reported acres that are official since they are certified acres for any producer that carries crop insurance. The USDA adds about a million acres into the USDA reports from FSA data for both corn and beans to account for those not in the program. Overall, there were close to 5 million acres of prevent plant this year, which is close to what the statistics suggested.
Corn and soybean condition ratings remained steady this week at 67% and 68% good/excellent, respectively—both ahead of last year and their respective five-year averages.
2023/24 US Carryout (Billion Bushels)
| USDA August | USDA July | Average Estimate | |
| Corn | 1.867 | 1.877 | 1.876 |
| Soybeans | .345 | .345 | .349 |
USDA 2024 US Yield (Bushels per Acre)
| USDA August | USDA July | Average Estimate | |
| Corn | 183.1 | 181.0 | 182.1 |
| Soybeans | 53.2 | 52.0 | 52.5 |
USDA 2024 Production (Billion Bushels)
| USDA August | USDA July | Average Estimate | |
| Corn | 15.147 | 15.100 | 15.112 |
| Soybeans | 4.589 | 4.435 | 4.469 |
USDA 2025 US Carryout (Billion Bushels)
| USDA August | USDA July | Average Estimate | |
| Corn | 2.073 | 2.097 | 2.096 |
| Soybeans | .560 | .435 | .465 |
| Wheat | .828 | .856 | .862 |
Have a Safe Day!
Garry Gard
920-348-6844
ggard@didioninc.com
