USDA Report Today!
The dust has settled after the USDA Report was released at 11:00 this morning. By the close old and new crop corn was lower, old crop beans higher and new crop beans just slightly higher. On the corn, world ending stocks came in much higher than expected for both old and new crop. For new crop corn it was 20 MMT higher. On soybeans, traders were reminded of extremely tight old crop carryover. However, it did not affect old crop prices much because the USDA now projects we will import 90 million bushel of beans from South America just to get by until our harvest next fall. As far as new crop corn and soybean production the USDA is assuming record yields! The USDA projects that corn yields this year will be 165.3 bushel an acre and soybeans at 45.2 bushel an acre. The weather this spring has been less than ideal in much of the Midwest. I admit with the equipment, technology and genetics farmers have we can overcome a lot. I think that most farmers question the yield estimates at this point in the season. We have never produced a national average yield on soybeans of 45 bushel an acre or corn at 165. Certainly it is possible, but not likely!