Good morning,
Markets are mixed this morning with corn down 4 and soybeans up 6.
National corn harvest progress came in at 29% complete this week, up from 18% last week, 24% last year, and the 22% five-year average pace. Soybean harvest rose from 16% to 34% done, still down from 35% last year but above the 26% 5-year average. Wisconsin corn harvest came in at 12% complete compared to 5% last week and 6% on the 5-year average.
Private analyst StoneX yesterday pegged 2021 U.S. corn yields at 176.6 bushels per acre, down from 177.5 bpa in September but still 0.3 bpa above the USDA Sept number, with corn production implied at 15.022 billion bushels using USDA acreage, 26 million above the government figure. Soybean yields rose from 50.8 to 51.3 bpa, 0.7 bpa above the USDA; output at 4.436 bln bu would be 62 million above the current USDA projection.
Not much came out of the US trade talks with China yesterday. There really weren’t any specifics to report, other than China didn’t adhere to the plan. The question remains, what will the US do about it? A global pandemic, high shipping rates, shortages of goods, and a disaster in New Orleans would have made any plan unsuccessful and extremely difficult. Current tariffs will remain in place and its possible new ones are added depending on the actions China takes. They will be back from Holiday on Thursday.
Have a Safe Day!
Garry Gard
920-348-6844
