The USDA published another bearish report on Tuesday, boosting corn and soybean yields when the market was expecting numbers to be lower than in August.
For corn, the department projected an average yield of 169.9 bushels per acre, up from 169.5 in August and almost two bushels above the average analyst’ estimate of 168.
For soybeans, the USDA pegged the average yield at 49.9 bushels per acre, up from 49.4 in August and also above the average trade estimate at 48.8.
wasde pic.twitter.com/DVyT5ZL1dw
— Warren (@Data_Junkie_) September 12, 2017
And with bigger production came larger ending stock estimates…
U.S. corn ending stocks were pegged at 2.335 billion bushels, up from 2.27 billion in August and an average trade estimate of 2.18 billion.
For beans, ending stocks were unchanged from August at 475 million bushels, compared with the average trade guess of 442 million.
U.S. wheat ending stocks were also unchanged from August, at 933 million bushels, versus the average analyst’ estimate of 920 million.
Matthew Pot, author of Grain Perspectives, joined Shaun during RealAg Radio at the Outdoor Farm Show in Woodstock, Ontario to discuss the USDA’s numbers. Listen here:
Some more post-USDA tweets:
The USDA estimated average #corn yield at 169.9 bushels, up from Augusts 169.5 and above trade expectations. pic.twitter.com/FBwwrp0pvr
— Matthew Pot (@MatthewPot) September 12, 2017
The USDA estimated average #soybean yield at 49.9 bushels, up from Augusts 49.4 and above trade expectations pic.twitter.com/sZ9M77BOCJ
— Matthew Pot (@MatthewPot) September 12, 2017
Cue this gif again #Bearish @USDA #WASDE#Corn Yields 169.9 bu/ac#Soybeans: 49.9 bu/ac
Sub-$10/bushel beans & $4 corn forever pic.twitter.com/a9aODPiphg
— FarmLead.com (@FarmLead) September 12, 2017
dec corn closes:
Jul USDA report: -15.5 cents
Aug USDA report: -15.25 cents
Sep USDA report: -6 centshey we’re making progress!
— matt campbell (@mattc_fcs) September 12, 2017
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