The crop report that was released Friday had only a few surprises and that was the acres reduction for both corn and beans. Close to million acres of each were taken off the balance sheet which accounted for most of the drop in production. Yields were mostly left alone with only a .1 bushel decrease in corn, which is kind of surprising, when most thought the reduction would be more. The carry out on corn was reduced but many thought we would be closer to 2 billion bushels. The USDA reduced ethanol demand and feed, while leaving exports alone in corn. Yields have been ranging from 100 all the way up to 290 bushels per acre.
The bean carry was reduced below 300 million bushels, with an increase in exports, while yield remained the same. Yields have been highly variable so far this harvest ranging from 15-90 bushels.
Harvest will be close to 60% completed in beans this afternoon and corn at 45% when the government release updated harvest progress.
The US will also see some rain coming to the Eastern Midwest over the next few days, which many farmers will like, considering how dry conditions have been and how dry soybeans are coming out of the fields.
Have a Safe Day!