If you’ve been watching U.S. corn and soy acreage estimates closely, Monday’s production and acreage downsizing of the soybean crop may not come as a surprise. In fact, many farmers and analysts were scratching their heads at earlier figures given the poor growing conditions and late start both crops had. Still, when the USDA numbers rolled out Monday (the first such report of the year based on an actual field survey) dropping corn estimates by 187 million bushels and soybean production by 165 million, markets responded upward. The upward tick was short lived, however, as the bullish news worked its way through the masses and found to be rather thin on relevance.
In this first edition of RealAg Markets, a new weekly segment for this site, editor Lyndsey Smith asks Jon Driedger, senior market analyst with FarmLink Marketing Solutions, for his take on the USDA numbers, the importance of weather moving forward and why new buying of big players matters all the more now.
To read the full report, click here.
This edition of RealAg Markets is brought to you by Canada’s Outdoor Farm Show set to run September 10, 11 and 12, 2013 at Woodstock, Ont. See more about the show here.